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**SEC and Ripple File Joint Motion to Pause Appeals, Pursue Settlement Terms**
In a surprising move, the United States Securities and Exchange Commission (SEC) has filed a joint motion with Ripple Labs Inc. to temporarily pause ongoing appeals related to their recent lawsuit.
The unexpected development comes after a tumultuous few months for Ripple, which has faced intense scrutiny over its financial influence on the cryptocurrency market. The company’s CEO Brad Garlinghouse recently emphasized the importance of regulatory clarity in an interview with CryptoSlate.
In January, the SEC sued Ripple, alleging that XRP (XRP) is a security and therefore falls under federal securities laws. Ripple has vigorously denied these claims, arguing that XRP is not a security due to its decentralized nature.
The recent joint motion filed by both parties marks a significant shift in their strategy, suggesting that they are willing to cooperate and potentially settle the matter out of court.
As financial regulators continue to scrutinize the cryptocurrency market’s influence on traditional finance, this unexpected development may signal a turning point in the ongoing saga between Ripple and the SEC.
Source: https://cryptoslate.com/sec-and-ripple-file-joint-motion-to-pause-appeals-to-pursue-settlement-terms/
