Court Pauses Appeal in Ripple Case

The United States Court of Appeals for the Second Circuit has temporarily paused the appeal proceedings in the Ripple case. 

The judge, José A. Cabranes, has granted the joint motion made by both the SEC and Ripple that was filed earlier this month.

The SEC will now have to file a status report within two months to update the court on the closely watched case.

The court will not proceed with any arguments or rulings until the pause is lifted. 

Some members of the XRP community are disappointed due to the fact that the case will continue to drag on with a final resolution despite Ripple’s victory. 

“If they both agree it’s over and what the fine to be paid is, then there logical or procedural reason why it’s not over,” a social media user said. 

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As reported by U.Today, the SEC moved to drop its appeal in the case following the departure of SEC Chair Gary Gensler. Ripple subsequently dropped its cross-appeal after securing some concessions, putting an end to the case.    

The XRP price is down by 2% over the past 24 hours despite the positive development amid a broader crypto market correction. The most recent development had been priced in by the market. 

After Gensler’s resignation, the SEC dropped 10 cryptocurrency cases in the first quarter, wrapping up its legal battles against such prominent companies s Kraken, Coinbase, Consensys, and Uniswap.

Meanwhile, Paul Atkins, the cryptocurrency-friendly SEC head nominee, has already been confirmed by the Senate to replace Gensler.