The legal battle between Ripple and the US Securities and Exchange Commission (SEC) over the status of XRP has entered a new phase.
District Judge Analisa Torres referred the case to Magistrate Sarah Netburn for general pre-trial proceedings, according to a court order filed July 16.
The ruling states that Judge Netburn will consider all aspects of the trial and discovery in the case, including timing, unfavorable motions and reconciliation.
The resolution also states that the parties should now agree on three mutually appropriate dates for a conciliation conference if they believe it will be productive at this time.
The conciliation conference should be scheduled six to eight weeks in advance due to the court’s busy schedule.
That doesn’t mean we’ll see a compromise in 6-8 weeks. This means that if they decide on a date, it will need to be scheduled 6-8 weeks before the requested date due to the busy schedule of the court.
As Bitcoinsistemi.com reported, the appeal to Judge Netburn came after Judge Torres ruled last week that XRP was not a security when sold on cryptocurrency exchanges, but was only a security when issued by Ripple to institutional investors.
This was a partial victory for Ripple, which argues that XRP is a currency and not an SEC regulated security.
*Not investment advice.