Ripple Labs and the United States Securities and Securities Commission (SEC) have jointly requested a pause in their respective appeals to end a potential agreement, according to a motion presented on Thursday.
The presentation indicates a possible end of a high profile dispute that has reached the payments industry since December 2020 for its sale of XRP tokens, which the Sec allegedly had unregistered values.
The case has been a focal point for debates on the regulatory state of cryptocurrencies in the United States, and Ripple argues that XRP is a currency, not security, and therefore outside the jurisdiction of the SEC.
Ripple and the SEC have reached an “agreement in principle” to solve all pending problems, according to a position shared by lawyer James Filan.
This includes not only the appeal of the SEC of the final judgment of the District Court, but also the cross appeal of Ripple and the claims against the founders of Ripple Brad Garlinghouse and Chris Larsen.
The motion requests that the court maintain the process of appeals in suspense, effectively stopping it, while the parties expel the final terms of the agreement, which still requires the formal approval of the SEC commissioners.
This follows a similar application of the SEC and Gemini at the beginning of April, where the two parties requested that the court approve a two -month break to finish an agreement to close its long legal dispute over the Gemini’s Earning program.
