Ripple vs. SEC: Here Are the Possible Dates for Settlement Talks

The post Ripple vs. SEC: Here Are the Possible Dates for Settlement Talks appeared first on Coinpedia Fintech News

In December 2020, the Securities and Exchange Commission (SEC) shocked the crypto world by suing Ripple, a major crypto company, and its top executives. The case is about whether Ripple sold XRP tokens as unapproved securities, which could seriously harm both the company and the whole crypto industry. 

Not long ago, Judge Analisa Torres made a ruling stating that the XRP token doesn’t qualify as a security when sold to the public. However, it can be considered a security for previous sales to institutional clients.

Crypto community online, especially XRP enthusiasts are currently trying to decode ‘what’s next for XRP?’ A prominent user @NerdNationUnbox took to Twitter and wrote, “August 24th – September 7th possible dates for settlement talks… 6-8 weeks from the day Judge Torres made her ruling.”

August 24th – September 7th possible dates for settlement talks… 6-8 weeks from the day Judge Torres made her ruling.#XRP #RIPPLE

— wEeZiE {X}FireGaryGensler (@NerdNationUnbox) August 8, 2023

As reported by FOX Business journalist Eleanor Terrett, just a few weeks back, Judge Netburn told both parties to agree on three convenient dates for a settlement conference, if they think it’s helpful. The judge advised scheduling this conference six to eight weeks ahead because the court is quite busy. 

“It means that if they do decide on a date, it will have to be scheduled 6-8 weeks in advance of the desired date due to the court’s busy schedule,” Terrett explained.

However, the story might not be over yet. There’s the potential for the SEC to appeal the verdict, reigniting the legal battle and introducing a fresh wave of uncertainty into the XRP market. Crypto Wolf took to his Twitter handle and brought forward an interesting scenario.

He wrote, “Things should be exciting for #XRP again once the SEC finally decides if they’re gonna appeal against #Ripple.”

Despite this victory, SEC Chair Gary Gensler expressed his dissatisfaction with the outcome. While he acknowledged the court’s decision to classify XRP as a security for institutional investors, he voiced disappointment that the same classification did not extend to retail sales on exchanges.