The United States Court of Appeals for the Second Circuit has temporarily paused the appeal proceedings in the Ripple case. Judge José A. Cabranes granted the joint motion filed by the SEC and Ripple earlier this month, delaying any arguments or rulings until the pause is lifted. 2 months will be required for the SEC to provide an update on the case’s status. Despite a recent victory for Ripple, some XRP community members express disappointment over the continued legal drama.
A social media user expressed their dissatisfaction: ‘If both parties agree it’s over and what the fine will be is clear, there should be logical or procedural reasons why it’s not over’.
Ripple secured concessions in the case, leading to a resolution that ended the lawsuit. Following SEC Chair Gary Gensler’s resignation, the SEC dropped 10 cryptocurrency cases in Q1, wrapping up legal battles against companies like Kraken, Coinbase, Consensys and Uniswap.
The XRP price has decreased by 2% over the past 24 hours despite this positive development amid a wider crypto market downturn. This decline was pre-empted by previous developments in the case.