Following the expiration of the initial 60-day pause on the #Ripple appeal, the SEC has requested that the Second Circuit extend the abeyance for an additional 60 days.
The SEC made the request in a status report filed with the U.S. Court of Appeals for the Second Circuit. According to the latest filing, the SEC requests that the court pause the appeals for an additional 60 days. In effect, the next status update is August 15, 2025.
Recent Developments in SEC v. Ripple Appeal
In April, the SEC and Ripple jointly requested a 60-day pause of appeal. At the time, they disclosed plans to obtain an indicative ruling from the District Court regarding their in-principle agreement. This agreement involves vacating the permanent injunction imposed on Ripple’s institutional sales and reducing the penalty to $50 million from initial order of $125 million. Second Circuit froze the parties’ appeals for 60 days and ordered the SEC to file a status report by June 16.
Parties Refile Motion for Indicative Ruling
As a result, they jointly requested an indicative ruling on their settlement agreement, which was denied mid-last month. U.S. District Judge Analisa Torres emphasized that the motion had a procedural flaw.
The judge noted that modifying her final judgment, as requested by the parties, is reserved for rare, exceptional circumstances. In parallel, she claimed the parties failed to meet the ‘exceptional circumstances’ criteria.
Undeterred, the SEC and Ripple refiled their motion for an indicative ruling last week, highlighting exceptional circumstances that warrant modification of the final ruling.
Current Status
The motion is still pending in the district court, as Judge Torres has not yet issued a decision. As the parties await the district court’s decision, the SEC has filed a status report to update the Second Circuit on the case’s current status, requesting two months’ grace. The next step in the Ripple lawsuit hinges on Judge Torres’ decision on the motion for an indicative ruling.
