Ripple and the SEC have jointly asked to stay their appeal process. This action would be a major victory for them, potentially the final victory in their long legal struggle. The joint request, filed April 10, asks the court to hold all proceedings on the appeal in abeyance. This surprising move comes during intense speculation of a potential settlement, expected to have an enormous effect on the cryptocurrency markets and regulatory landscape. The suspension comes less than 24 hours after the confirmation of Paul Atkins to head the SEC.
Joint Suspension Request Filed
Ripple and the SEC have now completed their submissions requesting that their appeal proceedings be formally suspended together. Attorney James Filan said the suspension voids all near-term court-imposed deadlines. The SEC’s memorandum will need to be answered, or responded to, by Ripple.
This latest action is perhaps an indication that both sides are looking for a mutually agreeable way to end this decades-long battle. The heads of the cryptocurrency firm, Brad Garlinghouse and Chris Larsen, aren’t happy. Such a settlement might not only reset the market, but bring back some hope and confidence in U.S. crypto regulation policies.
Paul Atkins' Pro-Crypto Stance
Given this context, the recent confirmation of Paul Atkins at the head of the SEC is highly significant. Atkins, who is definitely pro-crypto, would start a strategic pivot of gargantuan proportions. His appointment, and his potentially outsized influence on the SEC’s overall approach to regulating cryptocurrency, is being closely watched by current and prospective industry participants.
This news comes at a time of historic surges in demand for trading and cryptocurrency. For instance, most just found out about trading or cryptocurrency a couple of years ago. The world of online trading and crypto has captivated many.
Potential Market Impact
The crypto war between Ripple and the SEC appears to be nearing its end. An even lower fine of $50 million for Ripple is allegedly predicted in the ongoing talks. The outcome of this case will likely have far-reaching implications for other cryptocurrency companies, including Coinbase and Kraken, and the broader digital asset market.
