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SEC and Ripple Pause Appeal in Lawsuit as Key Decision Awaited by August 15
Ripple has joined forces with the Securities and Exchange Commission (SEC) to pause their appeal in the ongoing lawsuit, pending a crucial decision scheduled for August 15. In a recent joint filing, both parties requested an abeyance of the appeals process until this key date.
The request stems from ongoing settlement negotiations between the two entities. A recent joint motion filed on June 12 seeks to dissolve the injunction against Ripple and restructure the $125 million civil penalty distribution. This revised proposal would see the SEC receive a $50 million settlement, with the remaining $75 million returned to Ripple Labs.
The development comes as XRP’s price surged by an astonishing 2.6%, reaching a new high of $2.24. The market capitalization has also seen significant growth, increasing by 185.33% in trading volume.
Source: usethebitcoin.com
