The US SEC and Ripple submit a joint motion, requesting a suspension of the appeal
On April 11, according to former U.S. federal prosecutor James K. Filan, both parties in the case of the U.S. Securities and Exchange Commission against Ripple have submitted a joint motion requesting a suspension of appeal based on their settlement agreement. The settlement agreement is still pending approval by the committee. No briefs will be submitted on April 16.
Previously reported, on March 26, Ripple's Chief Legal Officer Stuart Alderoty stated that last week, the U.S. Securities and Exchange Commission (SEC) agreed to unconditionally drop its appeal. Ripple has now agreed to abandon its cross-appeal as well. The SEC will retain $50 million out of a $125 million fine (already deposited in an interest-bearing escrow account), with the remaining amount being refunded to Ripple. The agency will also request that the court lift standard prohibitions previously imposed at SEC's request . All these need to go through committee voting, drafting final documents and regular court procedures.
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