Following the expiration of the initial 60-day pause on the Ripple appeal, the SEC has requested that the Second Circuit extend the abeyance for an additional 60 days.
The SEC made the request in a status report filed with the U.S. Court of Appeals for the Second Circuit. According to the latest filing, the SEC requests that the court pause the appeals for an additional 60 days. In effect, the next status update is August 15, 2025.
#XRPCommunity #SECGov v. #Ripple #XRP In light of the pending motion for an indicative ruling, the parties have requested that the Second Circuit continue to hold the appeals in abeyance, with the @SECGov to file a status report by August 15, 2025.https://t.co/7oQvL5Rx7U
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) June 17, 2025
Recent Developments in SEC v. Ripple Appeal
In April, the SEC and Ripple jointly requested a 60-day pause of the appeal. At the time, they disclosed plans to obtain an indicative ruling from the District Court regarding their in-principle agreement.
This agreement involves vacating the permanent injunction imposed on Ripple’s institutional sales and reducing the penalty to $50 million from the initial order of $125 million. The Second Circuit froze the parties’ appeals for 60 days and ordered the SEC to file a status report by June 16.
Parties Refile Motion for Indicative Ruling
As a result, they jointly requested an indicative ruling on their settlement agreement, which was denied mid-last month. U.S. District Judge Analisa Torres emphasized that the motion had a procedural flaw.
The judge noted that modifying her final judgment, as requested by the parties, is reserved for rare, exceptional circumstances. In parallel, she claimed the parties failed to meet the ‘exceptional circumstances’ criteria.
Undeterred, the SEC and Ripple refiled their motion for an indicative ruling last week, highlighting exceptional circumstances that warrant modification of the final ruling.
Current Status
The motion is still pending in the district court, as Judge Torres has not yet issued a decision. As the parties await the district court’s decision, the SEC has filed a status report to update the Second Circuit on the case’s current status, requesting two months’ grace.
The next step in the Ripple lawsuit hinges on Judge Torres’ decision on the motion for an indicative ruling. If the district judge denies the motion, the parties may refile another request before the August 15 deadline.
However, should the indicative ruling request be granted, the parties will jointly request a brief remand from the Second Circuit. This would result in the case being sent back to Judge Torres for her to modify the final judgment by vacating the permanent injunction and reducing the penalty fee to $50 million.
Afterward, the SEC and Ripple will jointly request to withdraw their appeals, potentially bringing the case to a final resolution. However, the potential timeline for a final resolution remains uncertain as crypto enthusiasts, including the parties, await Judge Torres’ indicative ruling.
Based on her initial decision, which took approximately seven days, it is expected that Judge Torres might issue the ruling later this week.