Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have jointly filed a motion to pause their ongoing appeals in a long-standing legal case.
This move is part of an effort to finalize a settlement agreement, which aims to resolve the dispute over whether XRP sales to retail investors constitute securities transactions.
Ripple and the SEC have reached an agreement-in-principle to settle the case, pending formal approval from the SEC.
The motion seeks to hold both the SEC's appeal and Ripple's cross-appeal in abeyance, effectively halting the appeals process while the settlement terms are finalized.
This pause is intended to conserve judicial and party resources during the settlement approval process.
The agreement covers not only the SEC's appeal and Ripple's cross-appeal but also claims against Ripple executives Brad Garlinghouse and Chris Larsen.
The SEC is expected to file a status report within 60 days of the court's stay order. If the settlement is approved, the case will return to district court for an indicative ruling before the appeals are dismissed.
This development could have significant implications for U.S. crypto regulation, potentially setting a precedent for future cases involving digital assets. The settlement's approval is contingent on internal SEC approval, which may be influenced by the agency's evolving stance on cryptocurrencies under new leadership.
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