TLDR
Ripple and SEC request to pause XRP lawsuit appeal process until August 15, 2025.
$125M settlement motion filed: $50M to SEC, $75M back to Ripple.
Court’s decision on Rule 60 motion will dictate next legal steps.
Final judgment could influence SEC stance on crypto ETFs, including XRP.
XRP Lawsuit Update; Ripple and the U.S. Securities and Exchange Commission (SEC) have jointly requested the U.S. Court of Appeals for the Second Circuit to continue pausing the appeals process in the XRP lawsuit. This request, disclosed in a status report submitted ahead of the June 16 deadline, seeks to delay appeals until August 15, 2025. Both parties are now awaiting a decision from the district court before moving forward.
Status Report Filed Ahead of Court Deadline
On June 17, defense attorney James K. Filan shared that Ripple and the SEC had submitted a joint status report with the Second Circuit.
The report asks the court to maintain the stay on the appeal process. The reason behind this request is a pending motion in the district court that could affect the direction of the appeal.
Eleanor Terrett, a journalist with FOX Business, also confirmed the joint status report on social media. She stated, “The SEC 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.”
XRP Lawsuit Awaiting Ruling on Proposed Settlement
On June 12, Ripple and the SEC filed a joint motion requesting to modify the final judgment in the lawsuit. The motion proposes lifting the injunction on Ripple’s activities and releasing $125 million from an escrow account. According to the motion, $50 million would go to the SEC, and the rest would be returned to Ripple.
The motion was filed under Rule 60, which allows changes to a final judgment in rare circumstances. Legal expert Sherrie noted that a response from District Judge Analisa Torres may come within a week. She said, “Either we get an answer this Thursday or perhaps next week.”
This request to modify the judgment follows recent developments in the SEC’s stance on cryptocurrency-related enforcement. Both parties have expressed a willingness to avoid prolonged litigation by settling under the updated terms.
New Status Update Due in August
If the district court does not make a decision soon, the appeals process will remain paused until August 15, 2025. By that date, Ripple and the SEC will be required to submit another status update to the appeals court.
The decision from the district court will likely shape the next steps in the case. If the proposed modification is accepted, the lawsuit may close without further appeals. If the motion is denied, both parties could return to the appeals process.
This pause in the legal process has added more time to an already extended legal battle that began in 2020. Despite the delay, the joint filings suggest ongoing cooperation between Ripple and the SEC as they await the court’s direction.
Possible Effect on XRP Market and Regulatory Outlook
Legal observers are closely monitoring the outcome of the XRP lawsuit, as it may provide regulatory clarity for XRP and other digital assets. The price of XRP was trading at $2.24 at the time of the latest report, showing a modest increase of 4% in 24 hours.
Some market participants are also watching for any developments related to a potential XRP exchange-traded fund (ETF). Any final judgment in favor of Ripple could influence pending decisions at the SEC on crypto-related financial products.
The next expected update from the parties in the XRP lawsuit is due by mid-August. Until then, the court’s decision on the joint motion filed on June 12 will determine how the case proceeds.
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