The US Securities and Exchange Commission and blockchain payments firm Ripple agreed to pause their appeals in the ongoing XRP legal battle, signaling a potential move toward a final settlement.
The SEC and Ripple agreed to put their appeals in “abeyance,” meaning the proceedings are now paused pending an anticipated settlement of the XRP (XRP) case.
“An abeyance would conserve judicial and party resources while the parties continue to pursue a negotiated resolution of this matter,” the parties jointly stated in an April 10 court filing.
Ripple CEO Brad Garlinghouse previously announced the end of the XRP case on March 19, and the new filing hints that the SEC is ready to settle once nominated and approved Chair Paul Atkins takes office, according to some community speculation.
The filing cancels Ripple’s April 16 brief deadline
According to Ripple’s defense attorney, James Filan, the new filing supersedes the April 16 deadline for Ripple to respond to the SEC’s brief filed in January. “The settlement is awaiting commission approval. No brief will be filed on April 16,” Filan wrote in an April 10 X post.
Some legal observers suggested the SEC’s willingness to pause the proceedings indicates that the agency may be prepared to drop the case after Atkins assumes office.
Source: James Filan
“SEC is ready to settle but is waiting for Atkins to take the helm as the new SEC chief so he can start off with dropping the biggest case of their career and start with a huge win,” one user suggested in a reply to Filan’s thread on X.
When is Atkins expected to officially assume office?
While the Senate confirmed Atkins as the new SEC chair on Wednesday, April 9, it’s unclear when he will take office.
Related: Ripple acquisition of Hidden Road a ‘defining moment’ for XRPL — Ripple CTO
It could be several days before Atkins is sworn into office as the new SEC chair.
Former SEC Chair Gary Gensler was sworn in three days after his confirmation in 2021, suggesting Atkins could take office as soon as April 12.
Cointelegraph approached the SEC for comment on when Atkins is expected to be sworn in as the new SEC chair but had not received a response by the time of publication.
Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set
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