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Ripple - New Development in SEC Lawsuit! The Court Accepted the Request! So what happens next? - The SEC Has 60 Days!
New developments continue to come on the Ripple – SEC*** front.
At this point, Ripple and the U.S. Securities and Exchange Commission (SEC) filed a joint request with the U.S. District Court last week.
In their petition, the parties had requested the suspension of the ongoing appeal process regarding the *XRP case.
The court ruled on the joint claim. It approved the SEC and Ripple's joint proposal to stop the appeal.
It has a duration of 60 days!
Former federal prosecutor James K. Filan*** stated in a post on his X account that the joint request of the SEC and Ripple to suspend the appeal was approved.
The SEC is required to file a status report within 60 days. Accordingly, the SEC has 60 days from April 16, 2025, to submit its report explaining what happened or what will happen next.
With this court decision, the appeal in the case between the SEC and Ripple has now been officially stopped.
What happened?
The XRP lawsuit, which has been going on between Ripple and the SEC for years, was decided in 2023. Judge Torres ruled that while programmatic XRP sales are not considered securities, institutional sales are considered securities. Ripple was also fined $125 million.
After this decision, the appeal process began. However, in mid-March, Ripple CEO Brad Garlinghouse said in a post from his X account that the SEC would withdraw its appeal. The CEO called it a major victory.
In his statement, Garlinghouse stated that Ripple and SEC staff have reached an agreement to end the case, and as part of the settlement, Ripple will pay $50 million to the SEC. Ripple will get back the rest of the 125 million it invested, including the interest earned.