One of the most highly anticipated legal fights in the crypto space, the U.S. Court of Appeals for the Second Circuit has consented to suspend the current appeal between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs.
The court order states that the two parties, SEC and Ripple, unanimously asked for the appeal to be in abeyance, i.e., all proceedings are paused for now.
In an important follow-up, the SEC has been instructed to submit a status report within 60 days, which may offer valuable insight into where things are going next.
James K. Filan, a defense attorney and former federal prosecutor, posted a photo of the official court order on X (formerly Twitter), quickly catching the attention of the XRP Community.
The lawsuit includes Ripple Labs, its executives-in-chief Brad Garlinghouse and Chris Larsen, and some XRP holders represented by lawyer John Deaton.
With so much hanging on the final ruling of the court, particularly how XRP should be legally characterized, this news could cascade through the entire digital assets space. For the meantime, everyone waits to see what the SEC’s next status report will bring.
Also Read: Ripple XRP vs.SEC Legal Case to Close Soon
