XRP Lawsuit News: SEC and Ripple Ask Court to Delay Appeal Proceedings

Ripple and the SEC filed a joint status report in the XRP lawsuit as the June 16 deadline approached, requesting a temporary pause on the appeals process. The report submitted to the Second Circuit signals a temporary pause in the ongoing legal proceedings. Will this further delay the Ripple vs SEC case settlement?

Ripple and SEC File Status Report in XRP Lawsuit: Details

In her recent X post, FOX Business Journalist Eleanor Terrett revealed the latest update in the high-profile XRP lawsuit. According to the post, Ripple and the SEC have filed a status report, seeking to temporarily halt the appeals process in the case. They have asked that the appeals process stay paused until August 15, 2025, when they will provide another status update. Both parties are now waiting for the district court’s decision before moving forward with the appeals. Eleanor’s post read,

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.

Defense lawyer James Filan also shared insights on the Ripple vs SEC case update. He indicated that the joint request to hold the appeals in abeyance suggests both parties are strategically positioning themselves in anticipation of a potential game-changing decision from the district court.

Significantly, this move comes following both parties’ joint motion on June 12 to lift the injunction in the Ripple case. In a motion filed to the Manhattan District Court, Ripple and the commission requested to release the $125 million civil penalty from escrow. Under the terms of the proposed settlement, the SEC would receive $50 million, while the remaining amount would be returned to Ripple. While many, including XRP lawyer Bill Morgan, expect court approval, there is increasing optimism about a sooner resolution in the case.

How Will This Status Report Impact the Ripple vs SEC Case Settlement?

However, the recent status report in the XRP lawsuit has cast a shadow over the imminent settlement of the case. It has further contributed to the uncertainty surrounding the Ripple vs SEC case’s resolution timeline.  Despite the parties’ efforts to move forward with a proposed settlement, which includes a $125 million civil penalty, the request to pause the appeals process may further complicate the case’s conclusion.

Notably, the outcome of the case will likely depend on the district court’s decision on the June 12 joint motion, which both parties are eagerly awaiting. If the court approves the proposed settlement, it could bring an end to the lengthy legal battle. However, if the court raises objections or rejects the settlement, it could lead to further delays and complications in the case. The next update on August 15 will likely provide more clarity on the case’s trajectory.