Ripple and SEC Ask Court to Halt XRP Case as Deal Nears Final Approval
Regulation
Kevin Helms
Ripple and SEC Ask Court to Halt XRP Case as Deal Nears Final Approval
A new court filing reveals Ripple and the SEC are racing toward a landmark settlement, signaling a dramatic turn in the XRP case with massive crypto implications.
Ripple and SEC Ask Court to Halt XRP Case as Deal Nears Final Approval
Ripple and SEC Request Court Pause as Settlement Nears in XRP Case
Attorneys representing both the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc. jointly submitted a motion on April 10 at the U.S. Court of Appeals for the Second Circuit, asking the court to pause the current legal proceedings as both sides work toward a settlement. The filing, which also includes Ripple executives Brad Garlinghouse and Christian Larsen, follows a prolonged legal battle over XRP and comes after both parties signaled progress in negotiations that could resolve multiple levels of litigation.
According to the joint motion, the two sides have moved closer to ending the case outside of court proceedings. As stated in the filing:
The parties have reached an agreement-in-principle, subject to Commission approval, to resolve the underlying case, the Commission’s appeal, and Ripple’s cross-appeal.
“The parties require additional time to obtain Commission approval for this agreement-in-principle, and if approved by the Commission, to seek an indicative ruling from the district court,” the court document added. The motion explained that conserving court and party resources during this period of negotiation would benefit all involved.
The SEC had filed its appeal on Oct. 3, 2024, while Ripple responded with its own cross-appeal a week later. Briefs had been scheduled through April 2025 before this request for abeyance. The SEC and Ripple have agreed to drop their respective appeals, including Ripple’s cross-appeal, bringing their legal battle to a close. Ripple will pay $50 million, down from the original $125 million fine, after the 2023 ruling found XRP sales on public exchanges weren’t securities.
The legal teams involved emphasized that the court’s approval to delay proceedings would not disadvantage any party. The motion concluded with the formal request:
The parties request that this Court place this appeal and the cross-appeal in abeyance, with the Commission directed to file a status report within 60 days of the stay order.
With all parties aligned and no objections raised, the filing indicates a rare moment of procedural unity between the opposing sides in a case that has drawn intense public and industry scrutiny. If approved, the pause could lead to a major resolution in one of the most high-profile crypto enforcement actions to date.
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