The SEC and Ripple have reached a preliminary settlement protocol, and both parties applied to suspend the appeal process.

[SEC and Ripple Reach Preliminary Settlement Protocol, Both Parties Apply to Suspend Appeal Process] On April 11, news broke that former U.S. federal prosecutor James K. Filan disclosed that the SEC and Ripple have jointly submitted a motion to the U.S. Court of Appeals for the Second Circuit, requesting to "suspend the hearing" (abeyance) of both parties' appeals and cross-appeals, on the grounds that they have reached a "principled settlement protocol" that is currently awaiting approval from the SEC Commission. If approved, they will apply for a declaratory judgment in the district court. The court has canceled the original schedule for submitting defense materials on April 16. This motion marks a potential final settlement in the case.