The SEC and Ripple filed a joint motion today, asking a US Appeals Court to halt any appeals and cross-appeals between the two parties. This is a prelude to a formal settlement, which both parties are inclined towards.

The filing notes that any further procedural developments may take up to 60 days despite expectations that the outcome is largely predetermined. In the meantime, the XRP market appears to have priced in the likelihood of a resolution.

Ripple and The SEC Move To Settle

The SEC vs Ripple case has been one of crypto’s most important legal battles over the last few years. After months of hints and credible rumors, the Commission finally dropped its lawsuit last month.

Today, both parties are getting close to a final agreement, filing a joint motion regarding one of the case’s remaining loose ends:

“The parties have filed a joint motion to hold the appeal in abeyance based on the parties’ agreement to settle. The settlement is awaiting Commission approval. No brief will be filed on April 16th,” claimed James Filan, a lawyer and Ripple supporter who is in no way directly affiliated with the firm’s legal efforts.

Specifically, the loose end between Ripple and the SEC regards Ripple’s cross-appeal, which was filed last October. With this new joint motion, the two parties have “reached an agreement-in-principle” to resolve all outstanding business.

This includes the SEC’s initial appeal, the aforementioned cross-appeal, and any other claims involving individual actors.

Technically, both parties publicly announced that they were ready to settle over two weeks ago. It’s unclear why Ripple and the SEC took so long to file this joint motion.

The price of XRP has persistently been less impacted by lawsuit updates since the comission first dropped its case, and this development seems fully priced in.

The joint motion also mentions that further progress may take another 60 days. When they completely finalize a settlement, it could likely have landmark implications for US crypto policy.

However, based on the way that the SEC is improving relations with Ripple, Coinbase, Kraken, etc., a favorable outcome seems extremely likely.