🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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Share your story on Gate Square, and embrace the next 30 million together!
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Both SEC and XRP request the court to temporarily suspend the appeal process until August 15.
In the latest development of the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission of the United States (SEC), both parties have jointly petitioned the Second Circuit Court of Appeals to continue to postpone the appeal process while awaiting a ruling from the district court.
According to the filing submitted on June 16, 2025, the SEC has sent an updated report, requesting to maintain the stay until at least August 15, 2025 — the time when both parties will submit the latest information. This move comes amid negotiations between the SEC and Ripple for a settlement agreement, which could change the landscape of the years-long lawsuit.
Previously, both parties reached a principle agreement, in which Ripple would only have to pay a fine of 50 million USD instead of 125 million USD as per the original ruling, and the remaining amount would be refunded. At the same time, the SEC would also lift the ban on Ripple's operations. However, the lower court refused to approve this proposal in May, citing a lack of basis for modification in a "special case."
On June 12, Ripple and SEC refiled a joint motion, supplementing legal arguments and requesting the court to issue a ruling. While awaiting the decision, both parties agreed that maintaining the status of the appeal stay is necessary. If approved, they will ask the appellate court to return the limited records to complete the settlement process.
Mr. Teacher