Ripple Case Appeal Proceedings
The appeal proceedings concerning the Ripple case have been temporarily suspended by the United States Court of Appeals for the Second Circuit. This decision, made by Judge José A. Cabranes, came after a joint request from both Ripple and the Securities and Exchange Commission (SEC), submitted earlier this month. As a result, the SEC is required to file a status report within the next two months to inform the court about developments in this high-profile case. Until this pause is lifted, no further arguments or rulings will take place.
Community Reactions
Many members of the XRP community have expressed their frustration over the prolonged duration of the case, especially after Ripple’s recent successes in court. One social media user highlighted the confusion regarding the case’s continuation by questioning:
“If they both agree it’s over and what the fine to be paid is, then there’s no logical or procedural reason why it’s not over.”
Recent Developments
In recent updates reported by U.Today, the SEC decided to withdraw its appeal following the resignation of SEC Chair Gary Gensler. Subsequently, Ripple also retracted its cross-appeal after obtaining certain concessions, a move that some believe effectively concluded the legal dispute.
Despite this seemingly positive news for Ripple, the price of XRP has fallen by 2% in the last day, which analysts attribute to the ongoing broader correction in the cryptocurrency market. The market had largely anticipated this development beforehand. Following Gensler’s exit, the SEC has worked to close out multiple legal challenges against major industry players, including Kraken, Coinbase, Consensys, and Uniswap, dropping ten cryptocurrency cases in total in the first quarter alone. Paul Atkins, a nominee supportive of cryptocurrency, has been confirmed by the Senate to take over Gensler’s position.
