In a dramatic twist to the long-running legal saga between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), things appear to be heading toward resolution but not as fast as some might hope. While legal experts and XRP supporters eagerly await a key ruling from Judge Analisa Torres, it is clear that several procedural steps still remain before the case can officially be closed.
Motion Ruling May Arrive Soon But the Ripple vs. SEC Case Isn’t Over Yet
The joint motion, which was filed on June 12, 2025, by Ripple and the SEC, which seeks to lift the court-imposed ruling and reduce Ripple’s $125 million penalty to $50 million. If this motion is approved it could shift the dynamics of the case. However, as pro-XRP lawyer Bill Morgan pointed out, even if Judge Torres rules on the case within days, it would not close the matter entirely.
Morgan clarified that the SEC’s June 17 request for an additional 60-day abeyance doesn’t delay Judge Torres’ upcoming decision. “This doesn’t delay the decision on the joint motion filed last week until August. The SEC only sought to extend the period in which the appeal/cross-appeal are held in abeyance for a further 60 days,” he stated on X.
This means Judge Torres could issue her indicative ruling at any moment, possibly as early as this week. Still, even with her approval, the case must travel through several more procedural checkpoints before being considered officially closed.
How Did We Get Here?
The journey toward settlement began when Ripple and the SEC signed a settlement agreement on April 23 by Ripple and on May 8 by SEC. After that, the parties filed a joint motion under Federal Rule of Civil Procedure 62.1, asking the district court for an indicative ruling. However, the case was first denied due to a procedural mistake for not addressing Rule 60.
To solve this, a revised motion was submitted on June 12, which properly addressed Rule 60, and allows the court to revisit final judgments in cases involving new evidence or circumstances. This joint motion emphasized a mutual agreement between the parties and a shift in regulatory posture which makes the case ripe for modification of the judgment.
What Happens Next in the Ripple SEC Case?
Once Judge Torres proceeds with her ruling, which is expected any day , the next steps will depend on her ruling. If she grants the positive ruling, Ripple and the SEC will then file a motion with the Court of Appeals to obtain a limited remand.
This step allows the district court to take further action on the case despite the appeal being in progress.
Only after the remand is granted will Ripple and the SEC return to Judge Torres with a formal motion requesting the enforcement of the terms laid out in their settlement agreement. This includes dissolving the ruling and allowing Ripple to pay the reduced fine of $50 million.
Once the fine is paid, both parties will file for dismissal of the appeal and cross-appeal at the Second Circuit Court of Appeals.
Why Does the Delay in the XRP Lawsuit Matter?
While many in the XRP community are hoping for a clean and fast end to this years-long case, legal experts highlights that procedural formalities cannot be rushed. As legal analyst Sherrie commented, “Either we get an answer this Thursday or perhaps next week. But even if that happens, further court motions and approvals will still take weeks, if not longer.”
The next formal update in the appellate process is scheduled for August 15, 2025, when the SEC must submit another status report. Nonetheless, according to experts, Judge Torres’ ruling could come any time before that and will dictate the next critical movements in the case.
Bottom Line
The Ripple vs. SEC case may finally be approaching the finish line, but it is not yet over and will take time. An important ruling is expected within days, while the full closure of the case involves more legal steps. With both sides aligned and aims to avoid further litigation, the hope for a final settlement is strong, but we need to wait.
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