The court’s approval is necessary for the settlement between FTX and Bybit to become effective. This crucial step will be determined during the hearing on November 20, which will greatly impact the resolution of FTX’s bankruptcy proceedings. Once the settlement is approved, FTX will be able to proceed with the distribution of assets to its creditors, bringing the bankruptcy estate closer to meeting its repayment obligations. Representatives from both parties are anticipated to be present at the hearing, where the court’s decision will establish the foundation for future bankruptcy settlements.