Ripple, SEC file to suspend appeal pending ‘negotiated resolution’ of the case

Ripple Labs and the US Securities and Exchange Commission have jointly submitted a request to suspend their respective appeal because they “pursue a negotiated resolution” of their long -term case.

As detailed in a submission yesterday before the American Court of Appeal for the second circuit, the two parties have already reached an agreement in which Brad Garlinghouse, CEO of Ripple, revealed last month that the SEC would drop its appeal.

Yesterday’s application represents the first official confirmation that the SEC has indeed dropped the appeal that it lodged in October, while it also confirms that Ripple wants to drop his cross-app.

Nevertheless, the document also makes it clear that the agreement in principle between the two parties has not received definitive approval from the SEC.

“The parties need extra time to obtain the committee’s approval for this agreement in principle, and if approved by the Commission, to request an indicative decision from the court,” is the submission signed for both parties by legal representatives.

It is possible that the last SEC car test does not come until Trump nominated Paul Atkins as chairman, although he has received the senate confirmation on Wednesday, his curses can be away in just a few days.

Wrinkle versus the sec

SECist inspection of the Agreement would mark the final end of a legal dispute that started in December 2020, when the regulator submitted a lawsuit that claimed that Ripple had collected $ 1.3 billion since 2013 through the sale of non -registered effects.

July 2023, Judge Analisa Torres largely saw rule in favor of Ripple, which stated that the sale of third-party XRP did not constitute the supply of (non-registered) effects at trade fairs.

More than a year later, the SEC submitted its above appeal and claimed that the securities law was violated by Ripple’s direct range of XRP on exchanges and by personal sale of XRP by Execs Brad Garlinghouse and Christian Larsen.

With this attraction that is now falling, the Price of XRP could continue the upward trend it started after the election of Donald Trump on November 5.

Since that date, XRP has risen by 300%, largely based on the expectation that a more pro-Crypto administration would result in the end of the Ripple-SEC case.

But given the size of this profit, the end of the case can already be priced, with XRP with only 0.2% in the last 24 hours despite today’s news, per data from Coetecko.