The US District Court Judge Analisa Torres referred the Ripple SEC case vs. Magistrate Judge Sarah Netburn to the next phase last week. This came after Judge Torres declared XRP a non-security which sparked a rally in the token and the broader cryptocurrency market.
The pretrial phase is expected to look at scheduling, discovery and non-dispositive pretrial motions. At this stage, Judge Netburn has recommended that both the US Securities Exchange Commission (SEC) and Ripple agree on dates for possible settlement conferences, 6-8 weeks before the court’s busy schedule.
Fox Business journalist Eleanor Terrett took to Twitter to explain that the judge’s order does not mean there will be a settlement after the 6-8 weeks, rather, if the parties decide on a date, they would need to agree on three mutually convenient dates.
The crypto industry believes Ripple’s partial victory provided a watershed moment that could lead to the much needed regulatory clarity. It remains to be seen if either side views settling as the best way to go in the coming days.