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Judge Netburn Orders US SEC And Ripple For Settlement, What It Means For XRP?

Judge Sarah Netburn orders US SEC and Ripple to settle the lawsuit after Judge Torres ruled XRP sales are not securities.
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Judge Netburn Orders US SEC And Ripple For Settlement, What It Means For XRP?

After Judge Analisa Torres’ recent decision for summary judgment in the US Securities and Exchange Commission (SEC) v. Ripple Labs, the case is referred to Magistrate Judge Sarah Netburn for general pretrial on Monday. The US SEC and Ripple are ordered for settlement conference as XRP sales are not securities on crypto exchanges, but considered securities when sold to institutional investors.

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Ripple and US SEC Settlement in 6–8 Weeks?

In the latest court filing in the Court For Southern District of New York, Judge Analisa Torres referred the US SEC v. Ripple lawsuit to Magistrate Judge Sarah Netburn for general pretrial and a possible settlement.

Judge Netburn ordered Ripple and US SEC to agree on three mutually convenient dates to schedule a settlement conference “if they believe it would be productive at this time.”

Moreover, settlement conferences must be scheduled at least 6-8 weeks in advance because the Court has a busy calendar.

“The Court will likely be unable to accommodate last-minute requests for settlement conferences, and the parties should not anticipate that litigation deadlines will be adjourned in response to late requests for settlement conferences.”

Charles Gasparino, senior journalist at FOX Business, remains confident that the US SEC will appeal against Judge Torres’ decision. He tweeted:

Meanwhile, Ripple CEO Brad Garlinghouse suggested that the US SEC would be facing a long process in order to appeal against the court’s decision. On the part of the institutional sales, he asserts that the ruling itself called it the smallest piece in the XRP lawsuit.

Some believe US SEC must settle with both Ripple and Coinbase as taking the lawsuits further will have drastic consequences based on precedents in the XRP lawsuit. A settlement may occur on issues such as institutional sales.

Also Read: Crypto Presale Projects For 2023 To Invest

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XRP Bound to Rally

XRP price rallied 85% to a high of $0.88 after the summary judgment, but corrected after the US SEC’s possible appeal and some profit taking.

Currently, XRP price is moving sideways in the last 24 hours, with the price trading at $0.74. The 24-hour low and high are $0.71 and $0.76, respectively. Furthermore, the trading volume has decreased by 37% in the last 24 hours.

Also Read: What’s Next for XRP Price After Losing 25% in Correction?

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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