In a new development in the Ripple vs. SEC case, the U.S. Securities and Exchange Commission (SEC) has filed a status report requesting the U.S. Court of Appeals for the Second Circuit to pause ongoing appeal proceedings.
The move follows an earlier court order to hold the appeals, after both parties reached a partial agreement aimed at resolving the lawsuit surrounding XRP.
SEC’s appeal pause linked to pending district court motion, says legal expert James K. Filan
Legal expert James K. Filan shared the update on X (formerly Twitter) on June 17, noting that the SEC’s request is tied to a pending motion for an indicative ruling in the district court.
This type of motion allows the lower court to signal whether it would be willing to reconsider aspects of the case if the appeals court sends it back.
The SEC’s move to halt the appeals suggests that further discussions or legal adjustments may be underway at the district court level. If granted, the pause could pave the way for a resolution or modification of the case’s earlier rulings.
With the Ripple lawsuit widely seen as a potential benchmark for how digital assets are regulated in the U.S., the outcome remains highly significant for the broader crypto industry.
Also Read: Ripple Vs SEC: Lawsuit Settlement Speculation Grows Amid SEC’s Changing Stance
SEC to file new status report by Aug 15, extending Ripple lawsuit timeline
The U.S. Securities and Exchange Commission (SEC) is now set to file another status report in the Second Circuit Court by August 15, further delaying the Ripple lawsuit that has already dragged on for years.
This postponement comes amid ongoing negotiations and legal motions aimed at resolving the case.
Legal experts anticipate a response soon from Judge Analisa Torres regarding the joint request by Ripple and the SEC to lift the existing injunction and reduce Ripple’s penalty to $50 million.
The outcome of this request could significantly influence the final terms of the settlement.
With the case seen as a landmark for crypto regulation, each delay adds to the uncertainty surrounding the classification and treatment of digital assets in the U.S.
Also Read: Ripple vs SEC: Gov Files Opening Brief in Appeal Ahead of Trump’s Inaugural Day
XRP lawsuit timeline hinges on Judge Torres’ response to SEC’s Rule 60 motion
The timeline for resolving the XRP lawsuit now hinges on Judge Analisa Torres’ response to the SEC’s motion for an Indicative Ruling under Rule 60, according to legal expert Sherrie.
She noted that a decision could come as soon as this Thursday or early next week.
The ruling will determine whether the district court is willing to revisit key aspects of the case, potentially impacting the broader legal outcome.
A favorable resolution could trigger a rally in XRP’s price and pave the way for the SEC to approve a long-awaited XRP ETF.
Also Read: Ripple VS SEC: Regulator Seeks Reversal of Judgment in Ripple Case; XRP Plunges 3%