As per the CourtListener legal database, the US District Court for the Southern District of New York as of late planned a settlement conference with respect to the continuous legal tussle between the SEC and Ripple.
The meeting, held yesterday at 3:10 PM (ET), was presided by Judge Sarah Netburn. An X user @bobaboy76239 shared a photograph of Ripple’s executives Brad Garlinghouse and Stuart Alderoty entering a federal courthouse in New York yesterday.
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Spotted @bgarlinghouse and @s_alderoty at the federal courthouse in NY today. Settlement talks?? pic.twitter.com/UCcPPFL2np
— BobaFete (@bobaboy76239) March 29, 2024
Settlement Conference A Mandatory Event
The photograph inspired a progression of responses, as XRP community members were shocked that a settlement meeting had happened suddenly.
In response to the matter, the former SEC official Marc Fagel mentioned that the “surprised” settlement gathering was an obligatory pre-hearing gathering, which was part of the original scheduling order of the lawsuit.
Recall that last year, Judge Analisa Torres requested the SEC and Ripple to choose three dates for a settlement meeting. She requested the parties to meet for one hour in the event that they considered a settlement appropriate.
The settlement meeting involving the SEC and Ripple yesterday was part of last year’s order by Judge Torres.
The Conference Outcome
Meanwhile, there is no update currently with respect to the settlement conference. well-known crypto writer Eleanor Terrett revealed that a Ripple representative told her there was “nothing to share” about the conference.
According to Court Listener there was a "Settlement Conference" scheduled for today, March 29th. @Ripple gave me a "nothing to share" comment. https://t.co/Tf6MOhFDOD
— Eleanor Terrett (@EleanorTerrett) March 29, 2024
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The remark shows that nothing important occurred at the meeting or that the parties consented to cover the details of the meeting.
Notwithstanding, the possibilities of the parties consenting to stop the long-term legal tussle are minimal. Fagel puts the chances at around 0%, suggesting that the duo would not settle at any point in the near future.
It means the parties have settled, Ripple will pay $2B, and it is now illegal for you to trade XRP.
No. Sorry, I read that wrong. It's a mandatory pre-hearing settlement conference, part of the original scheduling order. Odds of settlement: about 0%.
— Marc Fagel (@Marc_Fagel) March 29, 2024
SEC Request In Court Against Ripple
This comes under seven days after the SEC documented its opening remedies brief. Quite, the SEC requested that the court force a fine of $1.95 billion against Ripple.
According to the SEC, the gigantic fine is an attempt to discourage others from abusing government securities regulation in the near future.
In the meantime, Ripple would document resistance to the SEC’s remedies brief by April 22. The organization is expected to give facts and contentions with respect to why the court shouldn’t allow the SEC’s solicitations.
After that, the SEC would document its response to Ripple’s opposition on May 6, while the court would plan a date for the last judgment