#SparkBinanceHODLerAirdrop The SEC and Ripple have jointly requested a court to pause their appeal proceedings, potentially paving the way for a settlement. This development comes after a significant ruling in July 2023, where Judge Analisa Torres determined that while Ripple violated federal securities law through its institutional sales of XRP, its programmatic sales to retail exchanges did not violate securities rules.
*Key Details:*
- *Joint Request*: Both parties have asked the court to hold all proceedings on the appeal in abeyance, effectively suspending the appeals process.
- *Potential Settlement*: The pause in appeal proceedings suggests a possible settlement between Ripple and the SEC, which could have significant implications for the cryptocurrency industry.
- *Proposed Penalty Split*: The two parties have proposed a $125 million penalty split, with $50 million going to the SEC and $75 million returning to Ripple.
- *Regulatory Implications*: The outcome of this case could set a precedent for future cryptocurrency regulations and provide clarity on the regulatory status of XRP.¹ ²
*What's Next:*
The court's decision on the joint request will determine the next steps in the lawsuit. If approved, the pause in appeal proceedings could lead to a settlement, potentially resolving the ongoing legal dispute between Ripple and the SEC.$XRP