HomeNewsBitcoin to Ride High on Ripple's Legal Victory, Lawyer Forecasts

Bitcoin to Ride High on Ripple’s Legal Victory, Lawyer Forecasts

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  • Judge Sarah Netburn calls for a settlement conference in the ongoing Ripple vs. SEC case, offering a potentially amicable resolution route.
  • The suggestion comes on the heels of a significant ruling in Ripple’s favor, where Ripple Labs was found not to have violated federal securities law by selling its XRP token on public exchanges.

The legal tussle between Ripple and the Securities and Exchange Commission (SEC) witnessed a new dimension as Judge Sarah Netburn proposed a potential settlement conference. She suggested that both parties agree on three dates that would work for them, with an aim to prevent further court proceedings.

A New Route to Resolution

A settlement conference is an alternative dispute resolution strategy where parties involved in a lawsuit convene to identify a mutually acceptable solution, thereby averting the need for a trial. Judge Netburn’s call for such a conference in the Ripple vs. SEC case opens a window for a less contentious resolution, away from the courtroom’s heated arguments.

This development comes on the back of a significant court ruling in favor of Ripple Labs on July 13. The U.S. District Judge Analisa Torres found Ripple Labs not in violation of federal securities laws for selling its XRP token on public exchanges. This ruling had immediate ramifications, with XRP’s value skyrocketing by 80% by the end of the day. Following this favorable ruling, leading U.S. crypto exchanges such as Coinbase, Kraken, and Bitstamp resumed trading of XRP on their platforms.

Despite Ripple’s momentous win, the court decision did give the SEC something to hold onto. Judge Torres found that Ripple had breached federal securities law by selling XRP directly to individuals, a minor victory that the SEC may leverage in future engagements.

However, the Ripple vs. SEC saga is far from over. Gary Gensler, the SEC Chair, has indicated a possible appeal against the recent decision. During a luncheon hosted by the Press Club DC, Gensler revealed that the agency was still assessing the ruling’s ramifications. This legal roller coaster, coupled with Judge Netburn’s recent suggestion for a settlement conference, presents a captivating backdrop to the ripple effect of this case on the future of cryptocurrency regulations.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628