The legal battle between Ripple and the US Securities and Exchange Commission (SEC) has entered a new phase. District Judge Analisa Torres turned the case over to Magistrate Sarah Netburn for general pre-trial proceedings. The ruling states that Judge Netburn will oversee all pre-trial and discovery matters in the case, including planning, acting alone, and reconciliation. Here are the details…
New development in Ripple and SEC lawsuit: SEC is “disappointed”
The resolution also states that the parties should agree on three mutually acceptable dates for the conciliation conference if they believe it will be fruitful. The conciliation conference should be scheduled six to eight weeks in advance due to the court’s busy schedule. Therefore, it may take another two months before both parties decide on the settlement date. The appeal to Judge Netburn comes after Judge Torres, as we reported on Cryptokoin.com, ruled last week that XRP was not a security when sold on cryptocurrency exchanges, but was a security when sold by Ripple to institutional investors.
This was a partial victory for Ripple, which argues that XRP is a currency and not an SEC regulated security. SEC Chairman Gary Gensler described Judge Torres’ decision as “disappointing”. He said the SEC will continue to pursue the case. Gensler said, “We maintain our view that XRP is a security and that the SEC has jurisdiction to regulate it. We are committed to pursuing this case. We think XRP should be defined as a security. “We will defend our view that the SEC has jurisdiction to regulate this.”
A positive development for XRP?
The settlement conference could be an important opportunity for Ripple and the SEC to reach a settlement on the case. If both parties are willing to settle, the case can be resolved quickly. This means that XRP can be traded comfortably, especially in the US markets. However, if the parties do not agree to a compromise, the case may take longer and turn into a more costly war than it is now. The outcome of the lawsuit could affect the price of XRP and the future of the cryptocurrency industry.
In particular, three developments in the coming days will affect the price of XRP. The first of these will be the SEC’s appeal against the summary decision. The other will be the process of determining the reconciliation dates. As we reported above, there is a possibility that this will take almost two months. Finally, whether the parties are open to compromise will affect the price. Their openness to reconciliation marks the end of the case, a development that will positively affect the price of XRP.
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