- SEC and Ripple agree to dismiss appeals, awaiting court approval.
- Joint stipulation signals final step in Ripple’s legal battle.
- Court of Appeals decision pending, case closure appears imminent.
The long-running dispute between the United States Securities and Exchange Commission and Ripple Labs Inc. is close to its conclusion. Defense lawyer and former federal prosecutor James K. Filan reports that the SEC has written the Court of Appeals for the Second Circuit, and both sides have agreed to dismiss their respective appeals.
The cross appeal by Ripple and the appeal by the SEC are jointly stipulated, and each party is to bear its costs. While the agreement has been filed, it is still pending formal approval from the Court of Appeals.
Also Read: Ethereum Holders Warned: Samson Mow Says “Last Chance to Sell Before Crash”
Court Approval Still Required
Previous court orders issued on April 16 and June 16 required updates on the case. The court must complete the process even though the parties have already agreed to dismissal.
Sherrie, a community member, explained, the delay is due to procedural timing and seasonal slowdowns. She stressed that the approval should be done by the Court of Appeals and not by Judge Analisa Torres, who was sitting at the district level.
Since the stipulation was not approved by Aug. 15, the SEC had to file its status report. Had the approval been granted earlier, it would not have been necessary to file anything.
Filan and Community Updates
James K. Filan, who frequently reports on the case, noted that the Aug. 15 status update confirmed that the stipulation remains pending. Bill Morgan, a legal attorney, also had his say by indicating that the move is procedural and does not change any previous rulings or future implications.
On Aug. 7, the SEC and Ripple filed the stipulation of dismissal of Ripple Labs, CEO Bradley Garlinghouse, and co-founder Christian A. Larsen formally earlier this month. This filing settled the enforcement action of the SEC after the final judgment of the district court.
That ruling imposed a $125,035,150 penalty and an injunction restricting Ripple from further violations of securities law. The two parties have accepted keeping the judgment by rejecting their appeals.
Ripple’s chief legal officer, Stuart Alderoty, publicly stated that the dismissals marked “the end” of the case, underlining the significance of the joint filing.
Outlook for Ripple and SEC
Approval of the stipulation by the Court of Appeals is widely expected, and it would close this phase of litigation. Once confirmed, both the SEC and Ripple will move forward without the cloud of pending appeals.
The appeals procedure has become totally dependent on the Court of Appeals’ administrative consent. With both parties aligned, the dismissal will officially close this chapter of the SEC and Ripple dispute.
Also Read: XRP Slides 5.26% in a Week as Inflation Data Triggers Market Sell-Off and Whale Buys
