In a fresh development in the Ripple-SEC lawsuit, both parties have requested that the Second Circuit continue to hold the appeals in abeyance, pending a motion for an indicative ruling. The SEC is now expected to file a status update by Aug. 15, 2025.
In the past week, Ripple and the SEC renewed their request for an indicative ruling after Judge Torres’s initial denial of the motion in May.
With the next SEC update filing due by mid-August, the XRP community is in a holding pattern. Speculation is growing about whether Judge Torres might alter any part of her ruling and what the outcome of the motion for the indicative ruling would be.
“I really would be baffled if she rejects the refile,” one XRP supporter said on X, “Do you think we should tell people that if things go south and one or both proceed with their respective appeals, the case will get kicked back to Torres?”
Marc Fagel, former SEC regional director, joined the conversation with a measured response. “I don’t think there’s any way to predict whether she will modify her order. I could see it going either way,” Fagel said.
What’s next?
Ripple and SEC are winding down the case that began in December 2020, centered on XRP sales as alleged unregistered securities.
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Going forward, Judge Torres would need to provide an indicative ruling as to whether the court would dissolve the injunction and release the escrow, with $50 million going to the SEC and $75 million returned to Ripple.
After the injunction is dissolved, the funds distributed and the SEC’s appeal and Ripple’s cross-appeal dismissed, the case would finally be over.
