Main to remember
- The American Court of Appeal interrupted the Ripple c. Dry, granting a joint request from the two parties.
- The result of this case could create important precedents for regulating digital assets in the United States.
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The American Court of Appeal for the second circuit granted a joint request to suspend the appeal in the Sec-Ripple Labs case, while the two parties are moving towards the finalization of a settlement agreement.
According to an update on Wednesday by lawyer James Filan, circuit judge José Cabranes signed the court order on April 16, putting the appeal “out of suspend” or pending by a mutual agreement.
#Xrpcommunity #Secgov v. #Ripple #Xrp The joint request of the parties to have the appeal in suspense has been granted. THE @Secgov is responsible for submitting a state report within 60 days of this order. pic.twitter.com/mugebajruu
– James K. Filan 🇺🇸🇮🇪 (@filanlaw) April 16, 2025
As part of the court order, the SEC is required to submit a situation report within 60 days of June 9, to update the court on the progress of the regulations.
The joint request, filed last week, followed an agreement in principle between the dry and the undulation to resolve the legal battle.
While Ripple publicly said that the SEC had agreed to remove the appeal, the decision must always go through internal approval within the SEC, including a vote of the newly appointed president Paul Atkins and the other commissioners.
Atkins, which was confirmed on April 9, is widely considered as a friendly cryptographic figure.
If the SEC officially approves the agreement, the two parties should move jointly to reject the appeal. Under the terms of the regulation, another request may be submitted to the Torres judge before the district court to revise or clarify the initial judgment.
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