Quick overview

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The long-running lawsuit has been resolved by the United States Securities and Exchange Commission (SEC), which submitted a status report to the Court of Appeals to confirm a joint venture with Ripple Labs.

 

The United States’ defense attorney, James Filan, reported that the SEC has indicated in a status update that the joint stipulation is still pending and awaiting court approval. Earlier this month, the US SEC filed a joint stipulation for dismissal after formally withdrawing the appeals.

However, the status remains pending because the Court of Appeals has not yet approved the joint stipulation dismissal.

The SEC’s efforts to advance President Donald Trump’s crypto agenda have significantly benefited Ripple Labs.

The SEC has initiated a related project called “Project Crypto” in response to President Trump’s pledge to make the US a crypto hub. With the explicit goal of establishing the US as a global cryptocurrency center, SEC Chair Paul Atkins said on Friday that the Project Crypto initiative will support company growth and investor protection.

Through legal channels, Ripple has already taken strategic steps to promote widespread adoption of XRP. Ripple USD (RLUSD) increased to a market value of $666 million with a 24-hour average volume of about $187 million. Interestingly, the on-chain burns of XRP, which already has a fixed maximum supply, are heavily influenced by the broad adoption of RLUSD.