The US Securities and Exchange Commission (SEC) and Ripple Labs are still fighting in court, but they have both agreed to drop their appeals, which means the case is getting closer to being resolved. James Filan, the defense counsel, sent this update. He said that the SEC has sent a status report to the Court of Appeals on this new information.
In July, both the SEC and Ripple asked the appeal court to put the case on hold while they worked out the details of a settlement. The joint stipulation is a response to that request.
This proposal came after a motion in the Southern District of New York to change the way Ripple’s $125 million fine was split up. The plan said that $50 million would go to the SEC and $75 million would go back to Ripple. Judge Analisa Torres, on the other hand, turned down this motion.
The SEC and Ripple are now waiting for the Court of Appeals to ratify their agreement to officially drop the appeals.
