Ripple and U.S. Securities and Exchange Commission filed jointly a request suspending their respective appeals, as they “pursued” a “negotiated resolution” in their long-running dispute.
As detailed in a filing submitted yesterday to the U.S. Court of Appeals for the Second Circuit, the two parties have already reached an agreement-in-principle, with Ripple CEO Brad Garlinghouse revealing last month that the SEC would be dropping its appeal.
Ripple’s cross-appeal is also confirmed by the application. Yesterday, the SEC officially dropped their appeal that they filed in October.
Yet the document also makes clear that the agreement-in-principle between the two parties has not gained final approval from the SEC.
“The parties require additional time to obtain Commission approval for this agreement-in-principle, and if approved by the Commission, to seek an indicative ruling from the district court,” reads the filing, which was signed by legal representatives for both sides.
The final SEC approval could not be given until Trump’s nominee Paul Atkins takes over as Chairman. However, having been confirmed by the Senate on Wednesday, Atkins may only have a few days to go before he is sworn in.
Ripple and the SEC
The SEC’s approval would bring an end to a dispute that began in December 2020 when the regulator sued Ripple, alleging the company had made $1.3 billion through the sale of securities unregistered since 2013.
Analisa Torres ruled largely for Ripple in July 2023, finding that the third-party sale of XRP through exchanges did not constitute an offering (of unregistered securities).
The SEC, however, filed the appeal mentioned above more than a full year after Ripple had offered XRP directly on exchanges and that personal sales by Brad Garlinghouse, Christian Larsen and other executives of XRP were in violation of securities laws.
The appeal is now dropped. Price of XRP The upward trend that began after the November 5 election of Donald Trump could continue.
Since that time, XRP’s price has risen 300%. The reason for this is that many people expected that a pro-crypto government would lead to an end to the Ripple vs. SEC case.
According to CoinGecko, data shows that the price of XRP may have already been set based on the magnitude of the gain. Despite today’s announcement, it is only up 0.2% for the past 24 hour.
