The post Major Twist in Ripple Vs SEC Lawsuit: Judge Recommends Settlement Conference appeared first on Coinpedia Fintech News
The legal drama between Ripple Labs and the US Securities and Exchange Commission (SEC) has taken another riveting turn as the focus shifts from courtroom drama to potential settlement talks. Judge Analisa Torres, overseeing the Ripple vs. SEC case, referred the lawsuit to Magistrate Judge Sarah Netburn for general pretrial. Amidst this, Ripple and the SEC have been nudged towards a settlement conference.
In a court filing for the Southern District of New York, Judge Netburn issued an order directing Ripple and the SEC to agree on three mutually convenient dates. This proposal aims to schedule a settlement conference “if they believe it would be productive at this time.” The potential settlement talks, if agreed upon, would need to be scheduled 6-8 weeks in advance, acknowledging the court’s packed calendar.
Mixed Reactions to the Settlement Proposal
While this proposition lights a beacon of potential resolution, not everyone shares the same optimism. FOX Business’s Senior Journalist, Charles Gasparino, is confident that the SEC will appeal against Judge Torres’ decision. He highlighted the ongoing threats and lies circulating the crypto space while asserting that these won’t halt SEC’s potential appeal against Ripple’s case.
On the other side of the spectrum, Ripple CEO Brad Garlinghouse hints that an SEC appeal could result in a protracted legal process. He believes that the ruling’s focus on institutional sales, dubbed as the “smallest piece” in the XRP lawsuit, further complicates the issue.
A Ripple in the Crypto Pond: Impact on XRP
The ongoing legal battle and the emerging possibility of settlement talks have stirred the XRP markets. Post-Judge Torres’ summary judgment, XRP experienced an impressive 85% rally, soaring to a high of $0.88. However, the wave of celebration was short-lived as the token’s price corrected itself in light of the SEC’s potential appeal and traders securing profits.
As of now, XRP is weathering a quiet phase with its price trading sideways at $0.74, with a 24-hour trading volume witnessing a 37% dip. While the possibilities seem endless and opinions divided, a settlement could mark a significant milestone in the Ripple vs. SEC saga, potentially setting precedents in the realm of crypto-regulations.
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