Things seem to have started taking a new turn in the ongoing lawsuit between Ripple, the San Francisco-based cross-border payments firm, and the United States Securities and Exchange Commission (SEC) as a possibility of settlement just emerged.
According to the report, Sarah Netburn, the Magistrate Judge for the United States District Court for the Southern District of New York, has just ordered Ripple and the SEC to mutually agree to three convenient dates to schedule a settlement conference.
The new development was recently shared on Twitter by a Fox Journalist Eleanor Terrett. She wrote, “NEW: Judge Sarah Netburn orders both Ripple and the SEC to agree on 3 mutually convenient dates to schedule a settlement conference, “if they believe it to be productive at this time.” Also recommends scheduling 6-8 weeks beforehand due to the court’s busy schedule.”
🚨NEW: Judge Sarah Netburn orders both @Ripple and the @SECGov to agree on 3 mutually convenient dates to schedule a settlement conference, “if they believe it to be productive at this time.”
Also recommends scheduling 6-8 weeks beforehand due to the court’s busy schedule. pic.twitter.com/zyU4Ku2OOu
— Eleanor Terrett (@EleanorTerrett) July 17, 2023
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In the order letter addressed to both Ripple and the U.S. securities regulators, Judge Sarah Netburn told both parties to contact the Courtroom Deputy with three mutually convenient dates to schedule a settlement conference if they believe it’s most needed at this time.
Judge Sarah Netburn wrote:
“In light of Judge Torres’s recent decision on the parties’ cross-motions for summary judgment, ECF No. 874, the parties are directed to contact Courtroom Deputy Rachel Slusher at [email protected] with three mutually convenient dates to schedule a settlement conference if they believe it would be productive at this time.
“Due to the Court’s busy calendar, settlement conferences must generally be scheduled at least six to eight weeks in advance. The Court will likely be unable 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.”
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XRP is Not A Security
Recalled that on the 13th of July, Judge Analisa Torres ruled that most sales of XRP are not investment contracts except for Ripple’s past sales to institutional investors.
As explained by Ripple General Counsel Stuart Alderoty in viral tweets, as a matter of law, XRP is not a security and the sales of XRP on exchanges are not securities.
The judgment also states that sales of XRP by Ripple executives, such as Garlinghouse and Chris Larsen, are also not securities, including distributions to developers, charities, and employees.
Considering the development, the XRP community now hopes to see the end of the lawsuit through settlement within the next 8 weeks, according to Judge Saray Netburn.
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