Court Approves 60-Day Adjournment of SEC-Ripple Appeal

! An appeals court in the US has approved a joint request from Ripple Labs and the US Securities and Exchange Commission (SEC) to halt appeals in the lawsuit from 2020, amid negotiations between the two sides.

According to a filing with the Second Circuit Court of Appeals on April 16, the court approved a motion to temporarily postpone the appeal process for 60 days. During this time, the SEC will have to file a progress update by June 15.

! April 16 order approving the move to postpone the appeal | The lawsuit between the SEC and Ripple and the company's top executives — which began in December 2020 — has shown signs of cooling down since Ripple CEO Brad Garlinghouse announced on March 19 that the SEC would withdraw its appeal against the blockchain company. Earlier, in August 2024, a federal court ruled Ripple liable and paid a fine of $125 million, leading to both the SEC and Ripple jointly filing an appeal and counter-appeal.

However, after President Donald Trump took office and SEC Chairman Gary Gensler left office, leadership of the SEC passed to Mark Uyeda. Under this new guidance, the SEC has begun withdrawing numerous lawsuits in the cryptocurrency sector — a move that is said to be political. Ripple reportedly contributed $5 million in XRP to Trump's inaugural fund, and CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty also attended numerous events in support of the US president.

While both Ripple and the SEC support closing the case, the August 2024 ruling and appeal procedures still leave many legal issues unresolved. In March, Alderoty said Ripple would withdraw its counter-appeal and be refunded about $75 million from court fees. However, the specific outcome of the negotiation process has not yet been disclosed.

SEC prepares leadership change

Acting SEC Chairman Mark Uyeda is expected to step down after the U.S. Senate formally confirmed Paul Atkins as the new SEC chairman on April 9.

During the confirmation hearing, some lawmakers questioned the connection between Mr. Atkins and the crypto industry — which could create a conflict of interest in a regulatory role. Financial records show that Atkins holds millions of dollars worth of assets through stakes in crypto companies such as Securitize, Pontoro and Patomak.

See XRP price here.

Disclaimer:** The article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.*

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Wang Jian

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