The tussle between Ripple and the SEC is nothing new. But something happened that changed the dynamics of this face-off. The Ripple Labs and SEC jointly appealed to the court for a pause to the ongoing legal battle.
The joint motion was filed this Thursday. Now it seems that the high profile could be dismissed once and for all. In between, a lot of coins and numerous investors suffered from the heat created in the market due to the legal battle.
All coins pegged to Ripple’s platform have also suffered for a long time. This case has been the center point of debate regarding how the SEC will regulate crypto in the US.
Ripple’s main claim in this notion was that XRP is a full-fledged currency. By no means could it be regarded as a security. Thus, it is outside the jurisdiction of the SEC.
As per the present scenario, Ripple and the SEC have reached a consensus. They are now eager to get over the outstanding issues, as attorney James Filan reports.
What Does The Motion Say?
According to the motion, the court is requested to hold the appeals in abeyance. That includes pausing it immediately. Meanwhile, the parties want some time to sort out the final terms by themselves.
However, the motion is set in a biased way. Some SEC commissioners said that they are not fully in support of the motion’s terms sent from the SEC’s end. Meanwhile, this clash can affect the final resolution of the issue.
What’s The Current Status?
Currently, both parties have filed a motion to pause the proceedings of the court for 2 months. They would think over how to close the dispute.
However, the court is still in the middle of events. The dispute is still apparent at the end of the process, the court will take over with full rights!
