After more than four years of legal conflicts, Ripple and the SEC officially request a suspension of their appeal proceedings, signaling a potential conclusion to a significant legal dispute.
Ending the Legal Process Between Ripple and SEC
The legal battle between Ripple and the SEC, which began in December 2020, appears to be nearing its end. On April 10, both parties filed a joint request with the court for the suspension of all appeal proceedings, including those concerning Ripple’s leaders, Brad Garlinghouse and Chris Larsen. According to lawyer James Filan, this temporary agreement replaces all short-term judicial deadlines, notably the response expected from Ripple to the SEC’s memorandum. Negotiations reportedly foresee a reduced fine of $50 million for Ripple, far less than the initial proposal of $125 million.
Political Changes and Their Impact on the Crypto Industry
The timing of the suspension occurs right before the confirmation of Paul Atkins as head of the SEC. Atkins, who is pro-crypto, may initiate significant changes in the regulation of crypto assets. His appointment coincides with a series of withdrawals of lawsuits against other companies in the crypto industry, notably Coinbase and Kraken. The Ripple case is viewed as a critical legal precedent in the qualification of digital tokens.
Prospects for Investors and the Cryptocurrency Market
Investors are closely awaiting the next steps. A settlement could reboot the market and restore some confidence in U.S. crypto regulation policies. If the agreement is confirmed, it will be a victory not only for Ripple but also send a strong signal within the crypto sphere, fostering hopes for clearer and fairer regulations.
In light of recent developments regarding the Ripple case, hopes for more stable and predictable cryptocurrency regulation in the U.S. are becoming increasingly tangible.
