It’s now been 20 days since Judge Analisa Torres denied both Ripple and the SEC’s joint request for an indicative ruling in their long-running legal battle. To keep it simple, the court basically told both sides they didn’t follow the proper legal procedure when asking for that specific relief — meaning their motion was procedurally improper.
The judge’s message was clear: if jurisdiction were restored to her court, she’d reject the request as it stands. In legal terms, it means Ripple and the SEC used the wrong rule of civil procedure to file this motion. The obvious next step would be for both parties to refile the same request correctly under the right rule. But here’s where it gets interesting — they haven’t.
Why Haven’t Ripple and the SEC Refiled the Motion Yet?
Attorney Fred Rispoli said that it’s been 20 days and still no new filing from either side. The delay is raising eyebrows because a crucial deadline is fast approaching. On June 16, both parties have to file a status update with the U.S. Court of Appeals for the Second Circuit. And whether or not a new motion is pending in Judge Torres’ court by then will dramatically affect what happens next.
20 days later, no refile yet by SEC and Ripple in district court and the June 16 deadline for the status update in the 2nd Circuit looms large. Expect the refile before Judge Torres to happen by then. If there is nothing pending before Torres when the parties file the…1/3 https://t.co/XSq3uYC0Bj
— Fred Rispoli (@freddyriz) June 4, 2025
If nothing is filed before Judge Torres by June 16, the Second Circuit will have only the judge’s earlier denial to work with, meaning the appeals process would likely restart and proceed as scheduled. If, however, a new and properly filed motion is sitting on Judge Torres’ desk by then, the Second Circuit might pause things again for another 60 days to wait and see what happens.
What’s the Next Step in This Legal Drama?
The bigger question many in the XRP community are asking is: why this holdup? Judge Torres essentially told both Ripple and the SEC they need to get back on the same page, fix their filing mistake, and humbly request the relief they’re after. As Rispoli put it — Ripple and the SEC need to “get on all fours and beg for relief.”
Ripple likely has no issue doing this if it means putting the legal fight behind them. But how much public backtracking or legal groveling is the SEC willing to tolerate or be authorized to do? That remains unclear. And with just 12 days to go before the June 16 deadline, time is running out.
Did the SEC Drop Its Appeal?
Adding to the confusion, one XRP holder speculated that perhaps the SEC would just drop its appeal altogether and leave Ripple to deal with its cross-appeal, which isn’t something the SEC can control. Attorney Rispoli responded by clarifying that the SEC has, in fact, already dropped its main appeal. What’s left now is Ripple’s cross-appeal, which relates to issues like the fine and the injunction.