According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) and blockchain payments firm Ripple have agreed to pause their appeals in the ongoing legal battle over XRP, indicating a potential move toward a final settlement. The decision to place the appeals in "abeyance" means that the proceedings are temporarily halted as both parties work towards a negotiated resolution of the case. This development was jointly announced in a court filing on April 10, highlighting the intention to conserve judicial and party resources.
Ripple CEO Brad Garlinghouse had previously declared the end of the XRP case on March 19, and the recent filing suggests that the SEC is prepared to settle once Paul Atkins, the nominated and approved Chair, takes office. This speculation is supported by community discussions surrounding the case. The filing also nullifies Ripple's April 16 deadline to submit a brief in response to the SEC's January filing. Ripple's defense attorney, James Filan, confirmed in an April 10 post on X that the settlement is pending commission approval, and no brief will be filed on April 16.
Legal experts have interpreted the SEC's willingness to pause the proceedings as a sign that the agency might be ready to drop the case once Atkins assumes his role as SEC Chair. The Senate confirmed Atkins as the new SEC chair on April 9, but the exact date of his swearing-in remains uncertain. Historical precedent suggests that Atkins could take office as soon as April 12, following the pattern set by former SEC Chair Gary Gensler, who was sworn in three days after his confirmation in 2021. Cointelegraph reached out to the SEC for comments regarding Atkins' official start date but had not received a response by the time of publication.
