Ripple and the U.S. Securities and Exchange Commission (SEC) have filed a joint status report with the appeals court, urging to pause the current appeals process.
Overview of the Legal Proceedings
The ongoing legal dispute between Ripple and the SEC continues, with both parties now seeking a temporary pause in the appeals process. This request follows their earlier plea to Judge Analisa Torres to amend the final judgment issued in this case.
Details of the Joint Request
According to the joint report, the SEC has agreed to drastically reduce the fine Ripple must pay to 50 million dollars. Additionally, the SEC seeks to overturn the earlier injunction preventing Ripple from selling XRP to institutional customers in the U.S., a ruling issued by Judge Torres last August.
Implications of the Court's Decision for Ripple
The SEC's support in modifying the ruling could be pivotal for Ripple, as the company's future now hinges on the final court decision. The judge's potential reconsideration of her ruling could either resolve the contentious situation or prolong the appeals process.
Judge Torres's decision will significantly impact Ripple's legal and financial standing, as the final ruling may either bring closure or extend the current legal battle.
