Judge Sarah Netburn has instructed both parties to choose three mutually agreeable dates for a prospective settlement meeting, marking a recent move in the Ripple v. SEC lawsuit.
Due to the court’s busy schedule, Netburn advised Ripple and the SEC to set this hearing up six to eight weeks in advance.
A settlement conference is a gathering of the parties to a lawsuit in which they try to resolve their differences amicably in order to avoid a trial. Judge Netburn’s recommendation to schedule a settlement conference in the context of the Ripple v. SEC lawsuit suggests a chance for both sides to address their differences outside of court.
The judge’s action comes after a significant decision in Ripple’s favour on July 13.
The sale of Ripple Labs’ XRP coin on open markets was not found to have violated federal securities legislation, which represents a significant legal victory for the cryptocurrency sector. By late afternoon on the same day, the decision by U.S. District Judge Analisa Torres had sent the price of XRP surging by 80%.
Following the verdict, Coinbase, the biggest cryptocurrency exchange in the United States, declared that it will once more permit XRP trading on its platform. Following suit were Kraken, Bitstamp, and other American exchanges.
The judgement did give the agency a little victory, though. The judge ruled that selling XRP to consumers directly by Ripple did constitute a violation of federal securities law.
However, there is still a chance that the case will change. Gary Gensler, the chair of the SEC, has suggested that the recent Ripple case ruling may be appealed.
The agency was still reviewing the decision, according to Gensler, who was speaking at a luncheon hosted by the Press Club DC.
