Ripple Labs has stepped up its efforts in court, reigniting optimism that its long-standing conflict with the Securities and Exchange Commission (SEC) might soon see a resolution. On June 17, the company lodged a brief urging district judge Analisa Torres to approve a “designated award” that would help address the injunction from last August’s ruling, as well as agree to a potential reduction of their civil penalty to $50 million.
Is a decision on XRP coming soon?
This filing came just a week after both the SEC and Ripple updated their approach regarding Rule 62.1 in consideration of the more stringent Rule 60(b)(6). The recent submission works through the necessary procedures to bring an end to the lawsuit. Should Judge Torres approve the directive judgment, both parties plan to approach the Court of Appeals in the Second Circuit for a limited remand. By formally lifting the injunction and scaling back penalties, both sides could then withdraw their appeals. The joint document asserts that the situation is “exceptional” since the settlement conserves judicial resources, mitigates appeal risks, and positively reshapes Ripple’s stance alongside other defendants in the digital asset space that the Commission had recently let go.
Crypto commentator Fred Rispoli mentioned that the supplementary filings might be decisive. He noted that while the initial try may not be the strongest, its foundation is sound. Highlighting some omissions, he insists that the higher court’s position doesn’t alter Ripple’s legal responsibilities.
Rispoli expressed mixed feelings but more hope, stating, “This might just push us to the finish line.” He suggested that Judge Torres could provide clarity this week. A favorable ruling would initiate the remand process, potentially allowing concluding actions to take place during the summer.
Greg Bueke, an immigration lawyer and legal analyst, showed agreement with Rispoli’s view.
James Farrell raised a question about why Ripple is vigorously pursuing a resolution when the injunction doesn’t significantly alter its situation. Rispoli responded that the criticism seems to overlook numerous other crypto cases, positioning Ripple as an unjust target.
What comes next?
According to Bill Morgan, a legal expert in XRP matters, a settlement agreement was reached on April 23, after which the SEC sanctioned a pause on appeal deadlines until June 16. Following this, another procedural motion regarding Rule 62.1/60 was filed. The crucial next step remains a directive verdict from Judge Torres. Once that occurs, they could complete the settlement procedures, including the penalty payment and the dismissal of the appeal “in the coming weeks.”
The appeal process is currently on hold as both parties await developments. They have asked the Second Circuit for updates on the lawsuit and pledged further information by August 15, 2025. Although the settlement requires committee approval, both sides prefer to conclude the case in the district court if Judge Torres agrees.
In a previous ruling from July 13, 2023, the district judge determined that XRP was not classified as an investment contract. She had previously levied a $125 million penalty, and the injunction remained while the appeals proceeded. The latest filing seeks only to modify these corrective measures, leaving the overall merits untouched.
For XRP holders, the situation feels pretty straightforward. If Torres issues a decisive ruling soon, the Second Circuit may remand the case ahead of the August deadline, allowing for a resolution and settlement closing by summer. Otherwise, if she denies the request, the case will revert to the appeals process, which has been inactive since April. Rispoli senses that momentum may be shifting in Ripple’s favor.
At the time of this report, XRP was valued at $2.16.
