After Judge Analisa Torres’ recent decision for summary judgment in the US Securities and Exchange Commission (SEC) v. Ripple Labs, the case is referred to Magistrate Judge Sarah Netburn for general pretrial on Monday.
The US SEC and Ripple are ordered for settlement conference as XRP sales are not securities on crypto exchanges but are considered securities when sold to institutional investors.
In the latest court filing in the Court For Southern District of New York, Judge Analisa Torres referred the US SEC v. Ripple lawsuit to Magistrate Judge Sarah Netburn for general pretrial and a possible settlement.
Judge Netburn ordered Ripple and US SEC to agree on three mutually convenient dates to schedule a settlement conference “if they believe it would be productive at this time.”
Moreover, settlement conferences must be scheduled at least 6-8 weeks in advance because the Court has a busy calendar.
Meanwhile, Ripple CEO Brad Garlinghouse suggested that the US SEC would be facing a long process in order to appeal against the court’s decision. On the part of the institutional sales, he asserts that the ruling itself called it the smallest piece in the XRP lawsuit.