Palau's USD-backed stablecoin build on XRP Ledger will be frozen on Sept. 15 as the government will be collecting feedback from users to shape the way ahead.
Deaton clarified that even if an appeal were possible in such a situation, the agency's authority would be diminished.
This move has sparked speculation about its potential impact on XRP’s price.
Deaton points out that former SEC officials Bill Hinman and Jay Clayton's testimony during the US SEC v. Ripple Labs case would have categorized XRP as a non-security early on.
Additional information suggests the possibility that this whale might be selling their XRP assets, as it had previously moved 14 million XRP to Bitso just a few hours earlier.
Crypto lawyer John Deaton cited several instances where major crypto players like Coinbase reached out to the SEC for regulatory clarification before listing XRP, but didn’t face any objection.
The court seeks to address issues related to orders that rejected the SEC's plea to seal the Hinman speech documents and Ripple's request to seal information regarding XRP sales.