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New Twist in Ripple v. SEC Case as Judge Suggests Settlement Conference

Tue, 07/18/2023 - 07:40
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Alex Dovbnya
Judge Sarah Netburn has directed both parties to identify three mutually convenient dates for possible settlement conference
New Twist in Ripple v. SEC Case as Judge Suggests Settlement Conference
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In a fresh development in the Ripple v. SEC case, Judge Sarah Netburn has ordered both parties to find three mutually convenient dates for a potential settlement conference.

Netburn encouraged Ripple and the SEC to schedule this meeting six to eight weeks in advance due to the court's packed calendar.

A settlement conference is a meeting between the parties involved in a lawsuit where they attempt to reach a mutually agreed upon resolution to their dispute, thus avoiding a trial. In the context of the Ripple v. SEC case, Judge Netburn's suggestion of scheduling a settlement conference indicates an opportunity for both parties to resolve the conflict without proceeding further in court.

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The judge's move follows a landmark ruling in Ripple's favor on July 13.

Ripple Labs was found not to have violated federal securities law by selling its XRP token on public exchanges, marking a significant legal victory for the cryptocurrency industry. The ruling, made by U.S. District Judge Analisa Torres, sent the value of XRP skyrocketing by 80% by late afternoon on the same day.

Following the decision, Coinbase, the largest U.S. crypto exchange, announced that it would allow trading of XRP on its platform again. Kraken, Bitstamp and other American exchanges followed suit.

However, the decision did hand a partial win to the agency. The judge held that Ripple did violate federal securities law by selling XRP directly to people.

The case may still see new developments, however. SEC Chair Gary Gensler has hinted at a potential appeal against the recent decision in the Ripple case.

Speaking at a luncheon hosted by the Press Club DC, Gensler stated that the agency was still assessing the ruling.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at