Following the recent summary judgment of Judge Analissa Torres in the US Securities and Exchange Commission (SEC) v. Ripple Labs case, the case was referred to Justice of the Peace Sarah Netburn for general pre-trial. The US SEC and Ripple will have to hold settlement meetings as XRP sales are not securities on crypto exchanges but are considered securities when sold to institutional investors.
Results in the case of Ripple and the US SEC in 6-8 weeks?
In the latest lawsuit in the Southern District of New York, Judge Analisa Torres referred the lawsuit to Magistrate Sarah Netburn for a general pre-trial and possible settlement.
Judge Netburn ordered Ripple and the US SEC to agree on three mutually convenient dates to schedule settlement meetings “if they believe it would be productive at that time.”
Settlement sessions should be scheduled at least 6-8 weeks in advance because the court has a busy schedule.
“The Court is likely to be unable to accommodate requests for last-minute settlement conferences, and parties should not expect trial dates to be delayed in response to late requests for settlement sessions.”
Some feel that the US SEC should settle things with both Ripple and Coinbase, as further lawsuits will have major implications based on precedents in the XRP lawsuit. Settlement may occur on issues such as institutional sales.