The protracted legal battle between the SEC and Ripple Labs may face another potential delay.
This possibility seems likely given that both sides have not yet been able to properly refile their request, with the deadline of June 16 approaching rapidly.
Is the legal battle between Ripple and the SEC facing another delay?
On May 8, the SEC and Ripple jointly requested a ruling from Judge Torres to approve a settlement that would reduce the fine to $50 million and resolve the court order against Ripple.
On May 15, Judge Analisa Torres denied the parties' request. She stated that if jurisdiction were to be returned to the court, she would deny the request for procedural inadequacy.
At the core of the matter, the parties did not follow proper legal procedures when filing the request, leading to its rejection. This means that both Ripple and the SEC need to refile the request under the appropriate rules.
However, as of June 5, 2025, neither party has submitted any new documents. This has raised concerns about the next steps in the case. Attorney Fred Respoli highlighted the lack of official documents in a recent post on X (formerly Twitter).
He confirmed that both sides must provide a status update to the U.S. Court of Appeals for the Second Circuit by June 16.
"After 20 days, there has still been no new submission from the SEC and Ripple in the district court, and the deadline on June 16 for the status update in the Second Circuit is approaching," Respoli posted on X.
The deadline set for June 16 is crucial, as it will determine the next steps in the case. Respoli noted that if no request is submitted, the Second Circuit will have no choice but to deny the initial request. This may lead to rescheduling the submissions.
Alternatively, if there is a pending proposal before Judge Torres at the time of the status update, it is likely that the Second Circuit will extend the process for an additional 60 days.
What's the next step? Judge Torres's message was clear that both parties need to apologize. Ripple will do anything to get that, but how much public torture is the SEC willing to inflict? And how much torture will be permitted? We have 12 days to find out, Respoli added.
Notably, as the deadline approaches, rumors have begun to spread that Ripple and the SEC, along with Judge Torres, may have actually reached an agreement.
Rumors are spreading. It seems that the SEC, Ripple, and Judge Torres have finally reached an agreement. It is said that Ripple has won, according to one X user.
The user added that an announcement could be made on Friday, June 13. However, he warned that the news has not been confirmed yet. Furthermore, no official confirmation has been provided by the parties involved.
Meanwhile, amid uncertainty, the price of XRP has been significantly affected. Data showed that the price of the altcoin dropped by 8.8% over the past week.
At the time of writing, the price of XRP was trading at $2.19, representing a decrease of 2.36% over the past 24 hours.
