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In a fresh development in the Ripple v. SEC case, Judge Sarah Netburn has ordered both parties to find three mutually convenient dates for a potential settlement conference.
Netburn encouraged Ripple and the SEC to schedule this meeting six to eight weeks in advance due to the court's packed calendar.
A settlement conference is a meeting between the parties involved in a lawsuit where they attempt to reach a mutually agreed upon resolution to their dispute, thus avoiding a trial. In the context of the Ripple v. SEC case, Judge Netburn's suggestion of scheduling a settlement conference indicates an opportunity for both parties to resolve the conflict without proceeding further in court.
The judge's move follows a landmark ruling in Ripple's favor on July 13.
Ripple Labs was found not to have violated federal securities law by selling its $XRP token on public exchanges, marking a significant legal victory for the cryptocurrency industry. The ruling, made by U.S. District Judge Analisa Torres, sent the value of $XRP skyrocketing by 80% by late afternoon on the same day.
Following the decision, Coinbase, the largest U.S. crypto exchange, announced that it would allow trading of $XRP on its platform again. Kraken, Bitstamp and other American exchanges followed suit.
However, the decision did hand a partial win to the agency. The judge held that Ripple did violate federal securities law by selling $XRP directly to people.
The case may still see new developments, however. SEC Chair Gary Gensler has hinted at a potential appeal against the recent decision in the Ripple case.
Speaking at a luncheon hosted by the Press Club DC, Gensler stated that the agency was still assessing the ruling.