A federal appellate court has temporarily paused the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc., a move officially approved Tuesday in New York. The court’s order reads:

The parties jointly move to hold this appeal in abeyance, with the United States Securities & Exchange Commission directed to file a status report within 60 days of this order.

The court formally issued the directive, confirming its acceptance of the motion to pause the appeal: “It is hereby ordered that the joint motion is granted.” The case, filed under docket numbers 24-2648(L) and 24-2705(XAP), involves complex litigation over the classification and regulation of digital assets.

Ripple and the SEC jointly requested a pause in their ongoing XRP lawsuit last week, citing a tentative settlement nearing completion that would resolve all pending appeals. Under the proposed agreement, Ripple’s penalty would be reduced to $50 million. Both parties aim to conserve resources as they await SEC approval and a district court decision.

Ripple CEO Brad Garlinghouse said the company has discussed the possibility of paying the $50 million penalty in XRP and expressed confidence that the SEC will approve spot XRP exchange-traded funds (ETFs). The SEC, as the Plaintiff-Appellant-Cross-Appellee, is engaged in a high-profile dispute with Ripple Labs Inc., along with Ripple executives Brad Garlinghouse and Chris Larsen.

While the court’s order provides a temporary pause in proceedings, it leaves unanswered questions surrounding the SEC’s authority over digital tokens. Supporters of cryptocurrency continue to argue that the SEC’s enforcement-heavy stance is stifling innovation, particularly in emerging blockchain technologies. In contrast, the agency insists that regulatory oversight is essential for protecting investors and maintaining market integrity as crypto assets become more integrated into financial systems.

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