SEC, Ripple file joint motion to pause appeals in XRP case
The US Securities and Exchange Commission and blockchain payments firm Ripple agreed to pause their appeals in the ongoing XRP legal battle, signaling a potential move toward a final settlement.The SEC and Ripple agreed...
The US Securities and Exchange Commission and blockchain payments firm Ripple agreed to pause their appeals in the ongoing XRP legal battle, signaling a potential move toward a final settlement.
The SEC and Ripple agreed to put their appeals in “abeyance,” meaning the proceedings are now paused pending an anticipated settlement of the XRP (XRP) case.
“An abeyance would conserve judicial and party resources while the parties continue to pursue a negotiated resolution of this matter,” the parties jointly stated in an April 10 court filing.
Ripple CEO Brad Garlinghouse previously announced the end of the XRP case on March 19, and the new filing hints that the SEC is ready to settle once nominated and approved Chair Paul Atkins takes office, according to some community speculation.
The filing cancels Ripple’s April 16 brief deadlineAccording to Ripple’s defense attorney, James Filan, the new filing supersedes the April 16 deadline for Ripple to respond to the SEC’s brief filed in January. “The settlement is awaiting commission approval. No brief will be filed on April 16,” Filan wrote in an April 10 X post.
Some legal observers suggested the SEC’s willingness to pause the proceedings indicates that the agency may be prepared to drop the case after Atkins assumes office.
Source: James Filan
“SEC is ready to settle but is waiting for Atkins to take the helm as the new SEC chief so he can start off with dropping the biggest case of their career and start with a huge win,” one user suggested in a reply to Filan’s thread on X.
When is Atkins expected to officially assume office?While the Senate confirmed Atkins as the new SEC chair on Wednesday, April 9, it’s unclear when he will take office.
Related: Ripple acquisition of Hidden Road a ‘defining moment’ for XRPL — Ripple CTO
It could be several days before Atkins is sworn into office as the new SEC chair.
Former SEC Chair Gary Gensler was sworn in three days after his confirmation in 2021, suggesting Atkins could take office as soon as April 12.
A spokesperson for the SEC declined to comment to Cointelegraph on when Atkins is expected to be sworn in as the new SEC chair.
Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set
Original source
Read on CointelegraphRelated market context
Ripple and Bitso Expand Stablecoin Settlement on XRP Ledger
Ripple and Bitso are expanding stablecoin settlement on the XRP Ledger, bringing MXNB and RLUSD into Ripple’s enterprise payments...
Japan Three Biggest Banks Unite to Launch Yen Crypto Stablecoin by March 2027
MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation have established a formal joint council to develop and co-issue a...
Ripple and Bitso Unleash MXNB on XRPL to Transform a $65B U.S.-Mexico Payments Corridor
Key Takeaways: Ripple is strengthening its collaboration with Bitso by launching the first regulated stablecoin on the XRP Ledger,...
Ripple chases AI’s machine economy as XRPL stablecoins near $1 billion
Stablecoin liquidity on the XRP Ledger (XRPL) has nearly doubled over the past month, putting the network within reach of a $1 bil...
GameStop SEC Filing Highlights Coinbase Custody Liquidation Risk For Bitcoin Holdings
TL;DR GameStop’s Form 10-Q includes digital asset custody risk disclosures. The filing discusses circumstances in which a custodia...
Global Takedown Cripples Dark Web Bitcoin Service After 10,333 BTC Hit Wallets
U.S. prosecutors charged two men in a $389 million cryptocurrency laundering case tied to a dark web bitcoin service. Authorities...