SEC and Ripple reach preliminary settlement agreement, both parties apply to suspend appeal process On April 11th, according to former US federal prosecutor James K. Filan, the SEC and Ripple have jointly submitted a motion to the US Second Circuit Court of Appeals to "abeyance" their appeals and cross appeal proceedings, on the grounds that they have reached a "principled settlement agreement" and are currently awaiting approval from the SEC committee. If approved, an application for a confirmatory ruling will be submitted to the local court. The court has cancelled the scheduled submission of defense materials on April 16th. This motion signifies that the case may soon reach a final settlement.