In a notable development in the long-running legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc., the United States Court of Appeals for the Second Circuit has agreed to place the appeal on hold.
The order, issued by Circuit Judge José A. Cabranes, grants a joint motion submitted by both the SEC and Ripple earlier this month.
The case has drawn widespread attention in the cryptocurrency and legal communities, as it could set key precedents regarding the regulatory status of digital assets.
According to the court document, the appeal will remain in abeyance, with the SEC required to submit a status report within 60 days to update the court on the progress of the matter.
The order also names individual defendants Bradley Garlinghouse and Christian A. Larsen, as well as a list of intervenors including Jordan Deaton and others representing XRP holders.
This temporary pause in proceedings offers both parties more time to potentially negotiate or clarify their legal strategies, while observers await the next move in this high-profile legal confrontation.
Catherine O’Hagan Wolfe, Clerk of Court, confirmed the order on behalf of the Second Circuit.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/court-grants-temporary-pause-in-sec-vs-ripple-appeal/