In a major development in the long-standing legal battle over XRP, the U.S. Securities and Exchange Commission (SEC) and blockchain firm Ripple Labs have agreed to pause their respective appeals, paving the way for what many believe could be a final settlement.
The joint decision to place the appeals in “abeyance” was disclosed in an April 10 court filing, which cited a desire to conserve judicial and party resources while both parties work toward a negotiated resolution.
The move effectively halts the April 16 deadline for Ripple to respond to the SEC’s brief from January. Ripple’s defence lawyer, James Filan, confirmed via a post on X that no brief will be filed on that date, adding that a potential settlement now awaits approval from the SEC’s incoming leadership.
Community speculation is swirling around Paul Atkins, the recently confirmed SEC chair, with many believing that the settlement is contingent on his official swearing-in. The Senate confirmed Atkins on April 9, but it remains unclear when he will formally assume office. Historical precedent offers a potential timeline—his predecessor, Gary Gensler, was sworn in three days after confirmation, hinting that Atkins could take the reins as early as April 12.
The legal saga surrounding Ripple and the SEC has drawn attention across the crypto industry, particularly after Ripple CEO Brad Garlinghouse announced the end of the XRP case on March 19. With both parties stepping back from further legal manoeuvres, observers are watching closely to see if Atkins’ first move as chair will be to close the books on one of the most high-profile crypto cases in SEC history.
In December 2020, the SEC accused Ripple of selling XRP as an unregistered security, leading to a significant legal dispute. In a notable 2023 ruling, the court found that Ripple’s institutional sales were compliant with securities laws, while XRP sales on public exchanges were not, resulting in a partial victory for Ripple.
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