Fox Business reporter Eleanor Terrett added that the delay in finalizing the case stems from Ripple's legal team seeking better terms following a $125 million fine and an injunction from an August 2023 district court ruling, which barred institutional XRP sales.

"The argument, I'm told, is that if the new SEC leadership is wiping the enforcement slate clean for all previously-targeted crypto firms, why should Ripple still be penalized?" Terrett posted on X.

The lawsuit's trajectory shifted after Judge Analisa Torres ruled in July 2023 that Ripple's programmatic XRP sales did not breach securities laws due to their blind bid process, though institutional sales were deemed securities.

The SEC's approach has softened under President Trump's administration, with the December 2024 appointment of crypto advocate Paul Atkins as the incoming SEC chair, pending confirmation.

The agency has since withdrawn cases against Coinbase COIN, OpenSea, Robinhood HOOD, and UniSwap UNI/USD, and a task force led by Commissioner Hester Peirce is working to clarify which crypto assets qualify as securities.

Meanwhile, Franklin Templeton's recent filing for a spot XRP ETF—the largest asset manager to do so—reflects growing industry optimism fueled by Trump's crypto-friendly policies.