Ripple And The SEC Join Forces To Suspend The Crypto Litigation
The crypto sector is holding its breath. After more than four years of legal conflict, Ripple and the SEC have officially requested the suspension of their appeal proceedings together. A strategic pause that may signal the end of a trial that has become emblematic for the regulation of digital assets.
The crypto industry relieved: Ripple and the SEC seeking peace
Launched in December 2020, the crypto war between Ripple and the SEC seems close to its conclusion. In a joint request filed on April 10, both parties indeed ask the court for the suspension of all appeal proceedings. This includes those concerning the leaders of the crypto company, Brad Garlinghouse and Chris Larsen. This decision is motivated by a principle agreement currently being validated.
According to lawyer James Filan, this replaces all short-term judicial deadlines, notably the response expected from Ripple to the SEC’s memorandum. Currently well advanced, negotiations reportedly foresee a reduced fine of $50 million for Ripple. Numbers far removed from the initially proposed $125 million!
If confirmed, this exit from the crisis would strengthen the legitimacy of the crypto assets XRP. For the record, these are currently at the heart of this regulatory matter.
A political change that could redefine crypto regulation
The timing is not insignificant. The suspension occurs just hours after the confirmation of Paul Atkins at the head of the SEC. Declared pro-crypto, Atkins could initiate a major strategic turning point.
His arrival coincides, moreover, with a series of withdrawals of lawsuits against other giants of the cryptocurrency industry. Notably, Coinbase and Kraken are mentioned. For many, this Ripple case marks a critical legal precedent in the qualification of digital tokens.
Investors are now closely awaiting what comes next. Indeed, a settlement could reboot the market and restore some confidence in U.S. crypto regulation policies.
One thing is certain: If the agreement materializes, it will be a victory for Ripple. But not just that! It will also send a strong signal within the cryptosphere. The crypto community thus hopes for a clearer and fairer future in terms of regulation.
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My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.