Ripple and SEC Request Appeal Pause as Settlement Awaits Court Approval

Highlights:

• The two parties have asked the appeals court to keep the case on hold while they wait for a decision from the district court.
• The delay in the appeals process has stretched the timeframe of a definitive conclusion in the XRP lawsuit.
• The court has not ruled yet, and both parties will give another update to the appeals court by August.

Ripple and the U.S. Securities and Exchange Commission filed a joint status report with the Second Circuit yesterday. In the report, both parties asked the court to continue the current pause on the appeals process. This request follows an earlier agreement between the two sides to delay further action until a decision comes from the district court. The court had previously ordered a pause, and now Ripple and the SEC have asked for it to remain in place until August 15.

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The update was shared by FOX Business journalist Eleanor Terrett in a recent post. James Filan, the defense attorney, also acknowledged the request and highlighted its significance to the overall case timeline. The two sides are now awaiting determination by Judge Analisa Torres, after which they will consider the way forward. The delay in the appeals process has stretched the timeframe of a definitive conclusion in the XRP lawsuit, which was initiated in 2020.

Translation: The @SECGov and @Ripple have filed a status report with the Second Circuit and are asking it to keep a pause on the appeals while waiting on a decision from the district court. https://t.co/YEeEjlt5yX

— Eleanor Terrett (@EleanorTerrett) June 17, 2025

Ripple and SEC Revised Settlement Terms Await District Court Approval

Ripple and the SEC filed a fresh motion with the United States District Court in the Southern District of New York on June 12. The motion attempts to dissolve the current injunction and authorize new settlement terms. In the proposed settlement, Ripple is expected to pay $50 million to the SEC, and the additional $75 million out of the original $125 million penalty will be given back to the company. Both parties have signed the agreement, but it cannot move forward without the court’s approval.

This renewed motion came after the court rejected an earlier filing in May. Judge Torres denied the former request on the ground that it did not meet the standard of exceptional circumstances under Rule 60. In the updated motion, Ripple and the SEC included detailed explanations to justify the proposed changes. They argued that the new terms would help conclude the case efficiently and avoid extended litigation.

Both sides pointed out that the settlement conforms with what the SEC has done with other comparable enforcement actions. The filing also asked the court to dissolve the injunction that had derailed the activities of Ripple. The new filing tries to clarify the concerns of the court and enable it to pass the proposed settlement.

Next Update Expected in August as Legal Uncertainty Continues

The district court has not issued a ruling on the renewed motion as of press time. The delay has left the status of the settlement and appeals unresolved. Legal analysts expect a decision from Judge Torres in the coming days or weeks, which could impact the case timeline. Until that ruling is issued, both Ripple and the SEC must wait before taking further legal action.

Meanwhile, the SEC has also agreed to file a further status report with the Second Circuit by August 15. This clarification will help the appeals court know whether the district court has acted upon the renewed motion. In the meantime, the appeals procedure is on hold, and the fate of the case has not been determined.

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