The US Securities and Exchange Commission and blockchain payment company Ripple have decided to temporarily suspend their appeals in the ongoing legal dispute over XRP, suggesting a possible move towards a resolution.
The two parties have agreed to place their appeals in “abeyance,” indicating that the legal process will be on hold while a settlement of the XRP case is anticipated.
“This abeyance would help conserve both judicial and party resources as they work towards a negotiated resolution,” the parties jointly expressed in a court document filed on April 10.
Ripple CEO Brad Garlinghouse had previously declared the XRP case as concluded on March 19, and the latest filing implies that the SEC may be inclined to settle once Paul Atkins is appointed and takes office, according to speculation from some members of the community.
### The Filing Nullifies Ripple’s April 16 Response Deadline
As noted by Ripple’s defense attorney, James Filan, the new document overrides the April 16 deadline for Ripple to respond to the SEC’s brief submitted in January. “The settlement is pending commission approval. No response will be filed on April 16,” Filan stated in an X post on April 10.
Some legal analysts have suggested that the SEC’s readiness to pause the proceedings signals the agency’s preparedness to potentially dismiss the case after Atkins officially takes over.
One user commented on Filan’s thread on X, “The SEC seems ready to settle, but is simply waiting for Atkins to step in as the new SEC head so he can begin his tenure by dropping the biggest case of their career and starting with a significant win.”
### When is Atkins Expected to Take Office?
Despite the Senate confirming Atkins as the new SEC chair on Wednesday, April 9, it’s uncertain when he will officially assume the role.
It may take a few days before Atkins is sworn in as the next SEC chair. Former SEC Chair Gary Gensler was sworn in just three days after his confirmation in 2021, suggesting that Atkins might take office as early as April 12.
Attempts to reach the SEC for a comment on when Atkins is expected to be sworn in had not yielded a response at the time of publication.