Court of Appeals Freezes SEC and Ripple Case for 60 Days
The Court of Appeals has agreed to a joint request from "Ripple Labs" and the U.S. Securities and Exchange Commission (SEC) to freeze the appeal in the case the SEC filed against Ripple in 2020, amid ongoing settlement negotiations.
In a filing submitted on April 16 to the U.S. Court of Appeals for the Second Circuit, the court approved a joint request from the SEC and Ripple to temporarily suspend the appeal — that is, to temporarily halt the case — for 60 days. Under the decision, the SEC is expected to submit a status report by June 15 at the latest.
The SEC had filed the aforementioned case against Ripple and its executives in December 2020, and it is expected that the SEC will begin to retract after Ripple's CEO, Brad Garlinghouse, announced on March 19 that the SEC would withdraw its appeal against the blockchain company. Additionally, a federal court had ordered Ripple to pay $125 million in a ruling issued in August, leading the SEC to file an appeal, while the company filed a counter-appeal.
