US Magistrate Judge Sarah Netburn has issued an order, directing Ripple and SEC to agree on possible dates for a settlement conference.
This comes after Judge Analisa Torres referred the next phase of the Ripple vs. SEC case to Judge Netburn. The potential for a settlement conference raises questions about the future of the case and its implications for the cryptocurrency industry.
According to a court document filed on July 17, Judge Netburn, who will now preside over the General Pretrial phase, has suggested that the parties come to an agreement 6-8 weeks in advance of the conference.
This recommendation is in consideration of the court’s busy schedule. The parties are expected to propose three mutually convenient dates for the settlement conference.
The General Pretrial phase of the case encompasses matters related to scheduling, discovery, and non-dispositive pretrial motions.
It is also the stage where parties involved in a legal dispute often explore settlement options. While the expectation is that the SEC may want Ripple to settle, it remains uncertain whether either side will pursue this route.
IFox Business journalist Eleanor Terrett shared her outlook on Twitter, indicating that the potential for a settlement conference might be a significant turning point in the case.
The previous week, Judge Torres declared XRP not a security, leading to a massive rally for the token and the broader crypto market.
This partial victory for Ripple has been seen as a milestone moment, raising hopes for much-needed regulatory clarity in the crypto industry.