In the latest development in the Ripple vs SEC case, the U.S. Securities and Exchange Commission (SEC) filed a status report requesting the appeals court to hold the appeals. The status report was filed pursuant to an earlier order to hold appeals after parties reached an agreement to resolve the XRP lawsuit.
Lawyer James K Filan, in an X post on June 17, revealed that the SEC has requested the U.S. Court of Appeals for the Second Circuit to pause appeals. This is in light of the pending motion for an indicative ruling in the district court.
Now, the SEC will file another status report in the 2nd Circuit by August 15, delaying the long-running lawsuit further. Lawyers have expected to hear from Judge Analisa Torres in a few days on the parties’ request to lift the injunction and reduce the penalty to $50 million.
On June 12, Ripple and the SEC renewed their indicative ruling to dissolve the injunction in the Final Judgment and release $50 million from the $125,035,150 civil penalty held in the escrow account to the SEC and the remaining amount to Ripple.
The settlement, the SEC’s shift in crypto policy, and a desire to avoid further litigation were given as reasons to modify a final judgment, which is what Rule 60 calls for in exceptional circumstances.
The timeline for resolution of the XRP lawsuit depends on how Judge Torres responds to the new Indicative Ruling under Rule 60, said legal expert Sherrie. She added, “Either we get an answer this Thursday or perhaps next week.”
Notably, the resolution of the lawsuit could bring a rally in XRP price and clarity for the SEC to approve XRP ETF, currently pending before the regulator. At present, the price of XRP is trading at $2.24, with almost a 4% increase in the last 24 hours.
