Judge Sarah Netburn recently instructed both Ripple Labs and the U.S. Securities and Exchange Commission (SEC) to propose three mutually convenient dates for a potential settlement conference, indicating that there might be an opportunity to conclude their prolonged legal dispute.
This move follows the notable court ruling that formally declared XRP, the digital currency associated with Ripple Labs, not a security, marking a significant setback for the SEC. The decision, seen as a considerable victory for Ripple Labs, overturned the SEC's initial claim that Ripple had conducted an unregistered securities offering by selling XRP.
🚨NEW: Judge Sarah Netburn orders both @Ripple and the @SECGov to agree on 3 mutually convenient dates to schedule a settlement conference, “if they believe it to be productive at this time.”— Eleanor Terrett (@EleanorTerrett) July 17, 2023
Also recommends scheduling 6-8 weeks beforehand due to the court’s busy schedule. pic.twitter.com/zyU4Ku2OOu
In her latest order, Judge Netburn emphasized the potential productivity of a settlement conference at this stage. She also indicated that due to a busy court schedule, it would be optimal to arrange such a conference six to eight weeks in advance.
This suggested timeline indicates that both parties have ample time to consider their positions carefully, weigh their options and possibly work toward a mutually beneficial agreement. However, it is worth noting that this development does not guarantee a settlement, as the final decision rests with the parties involved.
The potential settlement of the case could have significant implications for XRP and the broader crypto industry. Ripple Labs' legal victory has already positively impacted the price of XRP, leading to a substantial surge in its value. A settlement between the SEC and Ripple could provide further clarity on the regulatory status of XRP, potentially reinforcing its market position.
The ongoing legal dispute between Ripple and the SEC is one of the most closely watched cases in the crypto industry. It serves as a test case for how U.S. regulatory authorities might approach and regulate digital assets in the future.