SEC and Ripple Files Status Report in XRP Lawsuit, Seeks to Delay Appeal

Ripple and the United States Securities and Exchange Commission (SEC) have jointly filed a status report with the Second Circuit in the XRP lawsuit, indicating a temporary pause in the legal proceedings.

This development has prompted speculation regarding the potential implications for the timeline of a final settlement in the closely watched case.

Ripple and SEC Seek to Delay Appeal

FOX Business reporter Eleanor Terrett recently shared an update on X, stating that Ripple and the SEC have requested a temporary pause in the appeals process. They want the pause to last until August 15, 2025, and then they will give another update.

Currently, both sides are awaiting the district court’s decision before proceeding with the appeals. Terrett’s post stated that the SEC and Ripple have requested that the court pause the appeals while they await a decision.

Defense lawyer James Filan added that this request to pause the appeals shows that Ripple and the SEC are planning. They believe the district court’s decision could be crucial and alter the course of the case.

This comes after both sides asked on June 12 to end the order in the Ripple case. They jointly asked the court to release the $125 million penalty being held. The plan is for the SEC to receive $50 million, and Ripple would retain the remainder.

Legal experts, such as XRP lawyer Bill Morgan, believe the court will approve this. This joint request has made people more hopeful that the long legal fight could end soon. The pause in the appeals, along with the request about the penalty, suggests that both sides might be trying to reach a deal, depending on what the district court decides.

Previous Court Filing

On June 13, CoinTab reported that two groups had requested the court to approve their settlement. Eleanor Terrett posted on X that they want a judge to say if their settlement is reasonable. They filed this request in a New York court.

They want the judge to revoke the order and release the money that is being held. They primarily want to resolve their legal issue and have the $125 million fine imposed against Ripple canceled. This money is in another account.

The plan is for the SEC to get $50 million, and Ripple would keep the rest. This indicates that they are attempting to reach an agreement and settle the appeals in the case. The XRP lawsuit had an important date of June 16.

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