The long-running legal battle between the SEC and Ripple Labs has taken a significant turn! The U.S. Court of Appeals for the Second Circuit has granted a joint request from Ripple and the SEC to pause their appeals for 60 days. This move, approved on April 16th, comes as both parties are engaged in settlement negotiations, aiming to potentially resolve the case that began in December 2020.
As part of the court order, the SEC is expected to file a status report by June 15th. This pause suggests that the SEC might be waiting for its newly confirmed Chair, Paul Atkins, to officially assume office, who was confirmed on April 9th. There's speculation that Atkins, considered potentially more favorable to crypto, might be inclined to drop the case.
The joint motion to pause the appeal indicates an "agreement in principle" between the SEC and Ripple to resolve the matter, which includes the SEC's appeal, Ripple's cross-appeal, and claims against executives Brad Garlinghouse and Chris Larsen. It's been indicated that Ripple will drop its cross-appeal, and the SEC will retain $50 million of the original $125 million fine.
This development has significant implications for XRP and the broader cryptocurrency regulatory landscape in the U.S., potentially bringing much-needed clarity after years of legal battles. Experts believe the outcome could influence how future crypto projects list their tokens and how exchanges list new assets.
Has the SEC vs. Ripple saga finally reached its end? Stay tuned for updates!
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