TLDR
- Ripple and the SEC have jointly asked the court to keep appeals on hold pending a new motion.
- The SEC is expected to file a formal status update by August 15, 2025.
- Judge Torres previously denied the motion in May but both parties have now refiled it for reconsideration.
- The Ripple case could see a major development if the court agrees to modify the earlier ruling.
- If the injunction is lifted, $50 million will go to the SEC and $75 million will return to Ripple.
The Ripple case has entered a new phase as both Ripple and the SEC seek an indicative ruling from Judge Torres. The latest joint request asks the Second Circuit to continue holding appeals in abeyance pending a possible change in the court’s stance. This comes as the SEC prepares to submit its next update by August 15, 2025.
Both parties had their initial motion denied in May, but they have now renewed efforts for an indicative ruling. If the court grants the motion, it could impact the ongoing Ripple case appeals and expedite resolution. With no definitive outcome yet, the case remains in a procedural limbo, awaiting judicial clarity.
This stage could bring a final decision closer, provided the court modifies any previous rulings and allows fund distribution. The Ripple case continues to draw attention from stakeholders due to its potential impact on regulatory interpretations in the crypto space. Each procedural step from now is critical to the overall conclusion of the multi-year legal battle.
Ripple Case Nears Crucial Court Decision
Ripple supporters are watching developments carefully as speculation rises around Judge Torres’s next possible decision in the XRP case. Many believe a rejection of the renewed motion is unlikely, though uncertainty remains high. Some suggest appeals may proceed if no indicative ruling is granted.
The XRP community understands that if appeals resume, the Ripple case could return to Judge Torres after Second Circuit consideration. This process would add more time, extending the already lengthy proceedings that started in December 2020. However, both parties appear focused on resolving remaining matters before escalating further.
Although the court has not yet provided new rulings, market participants are bracing for any shift in the legal direction. The XRP case has entered a phase where clarity may finally emerge, depending on the court’s upcoming responses. Meanwhile, Ripple and the SEC await the next filing deadline.
SEC’s Former Regional Director Offers Perspective
Marc Fagel, a former SEC regional director, commented on the Ripple case, acknowledging the unpredictability surrounding Judge Torres’s future ruling. His remarks come as parties await a possible dissolution of the injunction tied to Ripple’s funds. The XRP case involves $50 million designated to the SEC and $75 million marked for return to Ripple.
I don't think there's any way to predict whether she will modify her order. I could see it going either way.
— Marc Fagel (@Marc_Fagel) June 17, 2025
If Judge Torres dissolves the injunction, the funds will be distributed, ending financial aspects of the Ripple case. Once the appeal and cross-appeal are dismissed, the court could formally close the matter.
