Ripple Case Update: Joint Motion to Stay Appeal Filed After Settlement Agreement with SEC

In a significant development within the cryptocurrency landscape, former U.S. federal prosecutor James K. Filan announced that a joint motion has been submitted to stay the appeal in the ongoing U.S. Securities and Exchange Commission (SEC) v. Ripple litigation. This action comes on the heels of a proposed settlement agreement between the two parties, although it remains pending approval by the Commission. Consequently, no additional briefs will be forthcoming on April 16th.

Previously, Ripple’s Chief Legal Officer, Stuart Alderoty, disclosed that the SEC had unconditionally agreed to dismiss its case against Ripple as of March 26th. In this settlement, Ripple has consented to withdraw its counterclaims, allowing the SEC to retain $50 million from a $125 million penalty that has been placed in an interest-bearing escrow account. The remaining funds are set to be returned to Ripple, alongside the SEC’s request to lift the standard injunction previously imposed. This outcome is contingent upon a Commission vote and the usual judicial processes.