Ex-SEC Lawyer Explains Why Ripple and SEC Filed Motion to Pause Appeal

After dragging on for more than four years, the Ripple vs. SEC case finally seems to be wrapping up. But interestingly, the news didn’t come from the SEC — it was Ripple CEO Brad Garlinghouse who confirmed that the long-running legal battle is nearing its end. That’s left many in the XRP community feeling frustrated and a bit skeptical, as they wait for something more official from the SEC.

In the latest twist, both Ripple and the SEC have filed a joint motion asking the court to pause the appeal. This is based on their agreement to settle the case — although the settlement still needs to be formally approved by the SEC. Because of this, there won’t be a legal brief filed on April 16th as originally planned.

Paul Atkins To Decide What’s Next?

Former SEC attorney Marc Fagel weighed in, suggesting that the delay may have something to do with the recent leadership change at the Commission. “Presumably the SEC wanted Atkins at the helm for the vote,” he said, referring to the newly appointed commissioner. “Having him vote on his first day would’ve looked bad — not that his support for the settlement isn’t likely.” He also said that this move avoids any risk of Ripple pulling back from submitting a brief and potentially derailing the process.

Attorney Bill Morgan also chimed in with a question that’s on a lot of minds: does the mention of an “indicative ruling” mean the judge is just finalizing the settlement? And does that include removing the injunction against Ripple, which hasn’t been mentioned yet?

Fagel responded, saying we’re in uncharted territory here. He interpreted the language to mean the settlement is contingent on Judge Torres revisiting the injunctive order. If she refuses to modify it, then the appeal — and possibly Ripple’s cross-appeal — could still move forward.

All in all, while this case seems to be nearly over, a few key pieces still need to fall into place. Until the SEC signs off and the court weighs in, Ripple supporters will be watching closely — hoping this really is the end of one of crypto’s biggest legal battles.