{"id":32268,"date":"2025-06-17T14:01:35","date_gmt":"2025-06-17T14:01:35","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=32268"},"modified":"2025-06-17T14:01:35","modified_gmt":"2025-06-17T14:01:35","slug":"no-ruling-yet-but-ripple-and-the-sec-just-made-their-next-move","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=32268","title":{"rendered":"No Ruling Yet\u2014But Ripple And The SEC Just Made Their Next Move"},"content":{"rendered":"
\n

The US Securities and Exchange Commission and Ripple Labs have asked the Second Circuit Court of Appeals to keep their dueling appeals on ice while they continue to persuade the trial judge that a hard-fought, four-and-a-half-year legal war should end in a $50 million settlement and the lifting of an injunction against the San-Francisco-based payments company.<\/p>\n

Ripple And SEC Push For Final Deal<\/h2>\n

In an eight-page status report filed<\/a> late Monday, the Commission told the appellate panel that \u201cthe parties had reached an agreement-in-principle, subject to Commission approval, to resolve the underlying case and the appeals\u201d and therefore \u201crespectfully request[ed] that this Court continue to hold the appeals in abeyance\u201d until the next update is due on 15 August 2025.<\/p>\n

The filing recaps a rapid-fire sequence that began after both sides signed a settlement agreement on 8 May. Under that pact, Ripple would pay $50 million\u2014barely 40 percent of the $125 million civil penalty imposed last year\u2014while the remainder of the escrowed funds and accrued interest would be returned to the company.<\/p>\n

The deal is contingent on US District Judge Analisa Torres dissolving the permanent injunction she entered on 7 August 2024 and ordering release of the escrow. \u201cIf the district court issues the requested indicative ruling,\u201d the status report explains, the parties will seek a limited remand so that the trial court can rewrite its judgment and, once that is done, both the SEC\u2019s appeal and Ripple\u2019s cross-appeal \u201cwill [be] dismiss[ed].\u201d<\/p>\n

Judge Torres initially balked. On 15 May she rejected<\/a> the first indicative-ruling motion because it failed to grapple with Federal Rule 60(b)\u2019s \u201cexceptional circumstances\u201d standard. The adversaries returned on 12 June<\/a> with a 52-page memorandum arguing that continued litigation would waste judicial resources, that vacating the injunction is a \u201cnecessary condition of settlement,\u201d and that the SEC\u2019s own policy pivot toward negotiated crypto resolutions after Acting Chair Mark T. Uyeda\u2019s January crypto task force announcement reinforces the equities of ending the fight.<\/p>\n

The Commission\u2019s new tone contrasts sharply with its posture under former Chair Gary Gensler<\/a>, whose enforcement-first strategy produced the December 2020 complaint and\u2014after a bruising discovery battle\u2014a split summary-judgment ruling on 13 July 2023. Judge Torres held that Ripple\u2019s $728.9 million in direct institutional XRP sales were unregistered securities offerings, but that programmatic exchange sales and other distributions were not.<\/p>\n

The final judgment that followed in August 2024 locked in the $125 million penalty and the injunction while ordering Ripple to park 111 percent of the fine in an interest-bearing escrow account. Both sides appealed in October 2024; the SEC\u2019s opening brief landed on 15 January 2025, but before Ripple\u2019s response was due the parties jointly asked the Second Circuit on 10 April to pause the case in light of their nascent settlement. The court granted that request on 16 April.<\/p>\n

What has changed since then, the renewed motion argues, is a confluence of factors courts have long recognized as \u201cexceptional\u201d: a comprehensive settlement conditioned on modifying final relief, the SEC\u2019s publicly stated recalibration of crypto enforcement, and the absence of any non-party prejudice because the underlying summary-judgment opinion would remain intact. The memorandum cites recent voluntary dismissals of other high-profile crypto cases as evidence that \u201cterminat[ing] the appeals \u2026 would be consistent with [the] dismissals by joint stipulation.\u201d<\/p>\n

Whether Judge Torres will be persuaded this time is the critical open question. If she signals a willingness to dissolve the injunction and slash the penalty, a limited remand from the Second Circuit would follow almost automatically. If she demurs, the appeals\u2014now fully briefed only on the SEC\u2019s side\u2014could roar back to life.<\/p>\n

At press time, XRP traded at $2.247.<\/p>\n

\"XRP<\/div>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission and Ripple Labs have asked the Second Circuit Court of Appeals to keep their dueling appeals on ice while they continue to persuade the trial judge that a hard-fought, four-and-a-half-year legal war should end in a $50 million settlement and the lifting of an injunction against the San-Francisco-based payments […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-32268","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/32268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32268"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/32268\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}