In the latest development of the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), both parties have jointly petitioned the Second Circuit Court of Appeals to continue staying the appeal process while awaiting a ruling from the district court.
According to a filing submitted on June 16, 2025, the SEC provided an update report, requesting to maintain the stay until at least August 15, 2025 — the time when both parties will submit the latest information. This move comes against the backdrop of ongoing negotiations between the SEC and Ripple for a settlement agreement, which could change the dynamics of the years-long lawsuit.
Previously, both parties reached a principle agreement, in which Ripple would only have to pay a fine of 50 million USD instead of 125 million USD as per the original judgment, and the remaining amount would be refunded. At the same time, the SEC would also lift the ban on Ripple's operations. However, the district court rejected this proposal in May, citing a lack of basis for modification in a 'special case'.
On June 12, Ripple and the SEC refiled a joint motion, supplementing legal arguments and requesting the court to issue a guiding ruling. In the meantime, both parties agreed that maintaining the status quo of the appeal stay is necessary. If approved, they will request the appellate court to return the limited records to complete the settlement process.