Interesting Development in the Ripple-SEC Case! Both Sides Made a Joint Request! Here are the Details

Ripple Labs and the U.S. Securities and Exchange Commission (SEC), at a potential turning point for the crypto industry, signaled that an agreement could soon end years of legal battles by jointly proposing to suspend ongoing appeals.

Ripple and SEC Move Towards Settlement, Joint Motion Found to Stay Objections

The petition submitted to the U.S. District Court on Thursday requests that the appeals process be put on hold while both parties finalize the terms of a potential settlement. This could signal the end of one of the most closely watched legal disputes in crypto history.

A Settlement Appears After Years of Legal Tension

The SEC first filed a lawsuit against Ripple in December 2020, claiming that the payment technology company made an unregistered securities offering through the sale of XRP tokens.

Ripple has long contested the claim by arguing that XRP is not a security but a currency, and therefore falls outside the jurisdiction of the SEC.

The case has become an important test for cryptocurrency regulation in the U.S. and has sparked widespread debate on how digital assets should be classified.

According to court documents and a post by attorney James Filan, Ripple and the SEC have reached a "principled agreement" to resolve all pending issues. This includes not only the SEC's appeal of the district court's decision but also Ripple's cross-appeal and separate claims against Ripple executives Brad Garlinghouse and Chris Larsen.

The joint petition essentially requests the court to suspend the appeals process to allow the parties time to negotiate the final details of the agreement and to stop other proceedings.

The SEC will need the official approval of its commission members in order to finalize any settlement.