- Ripple and the SEC have filed a joint motion to stay the appeals
- This comes just after the appointment of SEC Chairman Paul Atkins
- In October 2024, the SEC appealed Judge Analisa Torres’ decision
- Ripple filed a cross-appeal in response to the SEC’s action
- Joint motion aims to finalize the XRP case settlement
Ripple and the SEC have filed a joint motion to stay the appeals to finalize the settlement of the case, the resolution of which the entire crypto industry has been waiting for several years, and block XRP for more sustainable growth. This motion followed almost immediately after the appointment of SEC Chairman Paul Atkins, who is a well-known pro-crypto attorney.
More About the SEC & Ripple Joint Motion, Its Background and Prospects
So, let’s recap the coming moments so that the dynamics of this long-running case are clearer. Recently, Ripple got a significant victory in a case where District Judge Analisa Torres of the Southern District of New York ruled that sales of XRP to retail investors do not qualify as sales of securities.
The SEC was not satisfied with this and has filed an appeal to the relevant courts regarding the decisions in the Ripple case, as well as the case against Brad Garlinghouse and Christian Larsen for the sale of their XRP tokens, and Ripple has filed a cross-appeal.
All of this overshadowed Ripple’s victory on the main points and the case continued, but with the change in SEC administration, several joint motions began, and finally, the case went to Ripple. It is particularly noteworthy that although it has been a couple of months since the change of administration, Ripple and SEC joint motion happened right on the day after the arrival of the new SEC Chairman Paul Atkins.
The join motion emphasizes the following points:
- Both parties, the SEC and Ripple Labs (including Garlinghouse and Larsen), have filed a joint motion to stay the appeal and cross-appeal due to an “in principle” agreement, subject to SEC approval.
- The motion was filed in the United States Court of Appeals for the Second Circuit, Case Nos. 24-2648 (main) and 24-2705 (Ripple’s cross-appeal).
- The SEC has committed to filing a status report within 60 days of the issuance of the stay order, which fixes the benchmark deadline for the proceeding.
- Neither party objects to the stay, and they do not believe it will harm the parties’ interests.
- If the SEC approves the settlement, the parties intend to ask District Judge Analisa Torres to confirm the settlement.
Representatives of the parties:
- SEC: David D. Lisitza (Appellate Counsel), Jeffrey Finnell, Tracey Hardin
- Ripple Labs Inc.: Michael K. Kellogg (Kellogg, Hansen, Todd, Figel & Frederick PLLC)
- Garlinghouse и Larsen: Matthew C. Solomon (Cleary Gottlieb Steen & Hamilton LLP)
Conclusion
An important milestone in the resolution of the SEC vs Ripple case, which of course is not the end of the case yet, but a solid joint movement in that direction. This news probably won’t pass the XRP price by either, and that will be something to watch, especially as the case progresses.
Stay tuned for updates, be adaptive in the rapidly evolving regulation, financial, and crypto landscape, and keep your strategy grounded, balanced, and beneficial.
