The SEC and Ripple’s joint motion to pause legal proceedings on their cross-appeal has been approved. Both parties will have 60 more days to agree on how to amicably end their legal battle.
The Ripple case has been moving toward a final resolution for over a month, but procedural hurdles keep the legal battle open. For example, the Commission cannot sign any agreement before Paul Atkins officially takes his seat as Chair.
When Will Ripple and The SEC Reach an Agreement?
The Ripple vs SEC case was one of the largest enforcement actions of the Gensler era, and it’s been wrapping up for over a month now. The Commission signaled that it would drop the case and then fully committed shortly afterward.
One remaining cross-appeal still stands between them and a final agreement, but they both proposed to settle. That proposal has made progress:
“The parties’ joint motion to hold the appeal in abeyance has been granted. The SEC is directed to file a status report within 60 days of this Order,” claimed James Filan, an observing attorney with no direct connection to either party.
Specifically, Ripple and the SEC filed a joint request last week to pause all courtroom appearances related to the cross-appeal. The two parties were making solid progress with an agreement and wished to save time and legal fees.
The SEC also made a similar joint request with Binance, claiming that the two parties had “productive talks” toward a settlement. That request differed slightly from the joint motion filed by Ripple and the SEC, as the Binance filing mentioned broader policy implications.
Still, today’s development shows that things can progress much faster than the 60-day deadlines.
Unfortunately, there are still a few obstacles to a speedy resolution. President Trump nominated Paul Atkins to be the next SEC Chair, and he successfully passed his confirmation hearings. The formal swearing-in ceremony hasn’t actually happened, though.
It’s a formality that could happen at any time, but procedural issues can still hold up the process.
That is to say, Atkins will need to Chair the SEC to approve a settlement with Ripple. The crypto industry is used to a chaotic and fast-paced business environment, but legal proceedings can take a very long time.
Ideally, Atkins could sign a settlement agreement as soon as he takes office. For all we know, however, more minor delays could continue.
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