Main to remember
- Ripple and the SEC have submitted a joint request to suspend their current calls while working on a settlement agreement.
- The request aims to keep the resources by temporarily interrupting the legal proceedings while awaiting the approval of the Commission.
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The dry United States and Ripple Labs submitted a joint request to the Court of Appeal on Thursday, requesting the approval to suspend its current calls following an agreement in principle to resolve their legal dispute.
In October 2024, the SEC appealed to a decision by judge Analisa Torres, challenging his decision according to which XRP sales to retail investors were not titles. Ripple decided to be called later this month in response to the SEC decision.
The request submitted today aims to hold both the appeal of the dry and the appeal of the absence of Ripple while the parties continue the final approval of their settlement agreement. The parties asked that the SEC tabled a state report within 60 days of the stay order.
Although Ripple has announced that the SEC has abandoned its appeal, the securities regulator must approve this decision internally before making a public declaration.
If it is approved by the president of the SEC newly appointed Paul Atkins and other SEC commissioners, the agreement could finally put an end to The longtime affair against XRP. Atkins, confirmed on April 9, should lead the agency to a more friendly cryptographic approach.
Following the joint request, the second circuit will generally make a suspension, on a break within all deadlines and will plan an update of status, in this case, for June 9. In the following weeks, the dry will examine and vote internally on the proposed regulations.
Upon approval of the dry, the parties will move jointly to reject the appeal before the second circuit. Under the terms of the regulation, a request could also be filed with the Torres judge before the district court to discuss or modify the initial judgment.
Once the second circuit grants the request for rejection of the appeal, the conditions of settlement will be implemented.
In a similar decision earlier this year, the SEC and Binance jointly requested a 60 -day break in their legal proceedings, that an American district judge approved on February 13. The purpose of the delay was to give the Crypto Task Force to develop a more coherent regulatory framework for digital assets.
It is a story in development.
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