Judge Sarah Netburn has ordered Ripple Labs and the United States Securities and Exchange Commission (SEC) to agree on three mutually convenient dates for a potential settlement conference days after she ruled that XRP is not a security.
This order pertains to Judge Torres’s recent decision on the cross-motion for summary judgment.
However, it is essential to clarify that the judge is simply suggesting a settlement conference if both Ripple and the SEC believe it would be productive at this time.
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Judge Netburn’s order does not guarantee a settlement within the next 6-8 weeks. Instead, if the parties agree on a date, it must be scheduled well in advance due to the court’s calendar.
🚨To be clear: Judge Netburn is suggesting that both sides agree on some possible dates for a settlement meeting, *IF* “they believe it to be productive at this time.” This doesn’t mean we’ll see a settlement in 6-8 weeks. It means that if they do decide on a date, it will have… https://t.co/3bxqCGLyPr— Eleanor Terrett (@EleanorTerrett) July 17, 2023
It is worth noting that a settlement conference does not guarantee a resolution.
One or both sides could refuse to participate or fail to reach an agreement even if the conference occurs. The outcome will ultimately depend on the negotiations and legal team positions.
Attorney Rispoli commented on the likelihood of a settlement conference, suggesting that both parties will likely agree to it to maintain a positive relationship with the court.
However, the attorney expressed skepticism based on past experiences, stating that settlements occur when each party finally reaches a compromise they can accept.
They will likely schedule one so as not to anger the court. But it will go about as well as the last two settlement conferences before went. Settlement only happens when both parties finally reach the compromise each can stomach.— Fred Rispoli (@freddyriz) July 17, 2023
Judge Netburn’s letter states that parties must contact Courtroom Deputy Rachel Slusher with three mutually convenient dates for settlement conferences.
Late requests will not be accommodated, and litigation deadlines will not be adjourned.
A settlement could have significant implications for Ripple, SEC, and the broader crypto industry. Still, whether both parties can find common ground and avoid going to court remains uncertain.
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