Ripple and the SEC have joint motion to suspend appeals to the case

The case between Ripple and the Sec It seems to approach its end, and within the framework of the process, both parties promised to withdraw the appeals presented during the dispute before the corresponding court.

***

• The prolonged legal case between Ripple Labs and the Sec It seems to be coming to an end.
• Both parties have requested to suspend their individual appeals, indicating a possible definitive agreement.
• The outcome of this case could have deep implications for the regulation of cryptocurrencies in the US.

Ripple labs, the company developer of solutions based on Blockchain, and the US stock and securities commission (sec) have presented a joint motion requesting the suspension of their respective appeals before the Court of Appeals of the Second Circuit.

Appeals are withdrawn

According to recently published reports, the measure was revealed yesterday and publicly shared by defense lawyer James K. Filan, which represents an unexpected turn in a case that has marked a precedent in the crypto sector since December 2020.

The motion also covers the withdrawal of the charges against the co -founders of Ripple, Brad Garlinghouse and Chris Larsen. While the document has been formally submitted, the approval of the Commission To be effective.

The document presented before the Court of Appeals indicates that Both parties have decided to end their efforts to continue prolonging the case refuting the opinions. This includes both the appeal of the Sec as the counter -rapter by Ripple Labs. In addition, pending charges against the founders of Ripple

As explained in his X account, the motion also implies that no legal writings will be presented on April 16, as previously anticipated. The absence of these procedural documents suggests that negotiations between the parties are in an advanced resolution phase.

End of the case already close

However, the final agreement has not yet been formalized. The motion requires the approval of the plenary of the Sec, which is a crucial step. If the regulator approves what is requested, both parties are expected to work together to establish the final terms of the agreement that would end the dispute.

This measure occurs just after Justin W. Keener, a character previously sanctioned by the Sec, Submit a last minute application to intervene in the case against Ripple To record importance for the dispute. Given this fact, the agency requested that such intervention was not considered, since it is out of time and such information would have been considered by the company in its defense if it had been necessary.

Back with the case, the most recent reports indicate that the dispute would officially culminate after an agreement for the payment of USD $ 50 million by Ripple, With which the process would end and attend to the irregularities incurred during the token presale XRP years back.

And with respect to Token XRP, the announcement of the agreement seems to have not had an effect on its price, since at this time it registers USD $ 2.04 per unit, with an increase of 2.7% in the last 24 hours, mainly associated with the behavior of the crypto market in general for this day.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Unspash

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.

Subscribe to our newsletter