Ripple has filed a joint status report with the U.S. Securities and Exchange Commission (SEC) to the United States Court of Appeals for the Second Circuit, asking to keep the appeals on hold.
This comes after the parties recently requested District Judge Analisa Torres to amend the final ruling. This could be a make-it-or-break motion for Ripple, considering that a rejection could possibly delay the settlement process.
In April, as reported by U.Today, Ripple and the SEC filed a motion to hold the appeals in abeyance after reaching a settlement agreement.
The SEC agreed to slash Ripple’s monetary penalty to $50 million while also asking the court to lift the injunctn that was imposed by Judge Torres in August to prevent the company from selling XRP tokens to institutional participants in the U.S.
The regulator filed a notice of appeal under the leadership of former head Gary Gensler in early October. This was followed by Ripple’s own cross-appeal.
Judge Torres has so far signalled that there is no compelling reason to justify amending the final ruling if the case were to be remanded to the district court. However, the parties recently cited “exceptional circumstances” in the recent high-stakes motion.
The parties will move the court to dismiss the appeals if Judge Torres agrees to modify the final judgment.
The SEC is set to file another status report by Aug. 15.
In the meantime, pro-X lawyer John Deaton recently predicted that Judge Torres will not necessarily rush to amend the final judgment.
