The U.S. Securities and Exchange Commission (SEC) and blockchain payments firm Ripple Labs have jointly filed a motion to pause their appeals in the ongoing legal battle surrounding XRP.
The U.S. Securities and Exchange Commission (SEC) and blockchain payments firm Ripple Labs have jointly filed a motion to pause their appeals in the ongoing legal battle surrounding XRP.
This decision comes as both parties engage in settlement discussions, with speculation suggesting that incoming SEC Chair Paul Atkins may choose to drop the case.
In a court filing on April 10, the two entities agreed to place their appeals in “abeyance,” effectively pausing proceedings to conserve judicial resources while they seek a negotiated resolution. The filing also cancels Ripple’s upcoming deadline to respond to an SEC brief originally due on April 16.
Ripple CEO Brad Garlinghouse previously indicated on March 19 that the XRP case was nearing resolution. The latest motion hints at a potential shift in the SEC’s approach, particularly as Atkins prepares to take office after being confirmed by the Senate on April 9.
However, it remains uncertain when he will officially assume the role, as the swearing-in process could take several days.
Legal observers have noted that the SEC's willingness to pause the proceedings could signify a readiness to settle the case, with one user suggesting that Atkins might aim to commence his tenure by dropping what has been seen as one of the agency’s most significant cases.
Ripple’s defense attorney, James Filan, confirmed that the settlement is pending commission approval, and no brief will be filed by Ripple on the previously set date.
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