Sarah Netburn ordered the American securities regulatory body & Ripple to agree on a particular date for settlement proceedings.
Ripple is a US-based fintech company. The cross-border settlement business of this company is different from other players, as the company uses XRP crypto coin in the payment transactions which makes its payment services more efficient & faster. In a legal conflict with the United States Securities Exchange Commission (SEC), Ripple was facing a huge problem but just a few days ago the court judge ruled in favor of Ripple.
On 17 July 2023, Court judge Sarah Netburn ordered both Ripple & the SEC body to choose a particular date to hold the conference, regarding the settlement.
Court documents showed that the judge said that both parties should agree to the settlement and they should choose one of the three dates. The settlement conference hearing may take place in the next 6-8 weeks. That means more than a month will take in this case to end the whole conflict.
It is worth it to note that no one of these two parties responded whether they are ready to settle the case or not. That means there are equal chances that both parties may refuse to settle the case.
Fox Business journalist Eleanor Terrett shared her opinion on this matter and confirmed that there is huge uncertainty on this matter.
Banks looking toward Ripple
When the US SEC sued Ripple In Dec 2020, at the time the majority of the US banks distanced their services & support to/from Ripple, to remain away from any kind of legal conflict.
As we know that recently the court order confirmed that the XRP coin is not a security, so now the majority of the Banks are confident that they can use Ripple’s cross-border payment services without any legal hurdle.
On 17 July 2023, Ripple chief legal officer Stuart Alderoty said that the latest court ruling will surely bring a better situation for Ripple services and also it will attract US banks & financial institutions toward Ripple.
“I think we’re hopeful that this decision would give financial institution customers or potential customers comfort to at least come in and start having the conversation… and hopefully some of those conversations will turn into a real business,” Ripple legal officer said.
At present, more than 80% of Ripple’s customers are from non-US regions, so here we can expect that Ripple may grab a 10-20% increment in the expansion of its payment business empire.