After years of legal wrangling, Ripple Labs and the U.S. Securities and Exchange Commission (SEC) are making a renewed push to resolve one of the most closely watched cases in the crypto world — the XRP lawsuit. In a joint motion filed on June 12, both parties requested the court to issue an indicative ruling that could pave the way for a final settlement, dissolve the last remaining injunction, and unlock over $125 million in escrowed funds.
The joint filing, submitted to U.S. District Judge Analisa Torres, seeks approval under Rules 62.1 and 60(b) of the Federal Rules of Civil Procedure. If granted, the ruling would signal the court’s willingness to modify its previous final judgment, thereby enabling the parties to request a limited remand from the Court of Appeals for the Second Circuit.
According to the filing, the SEC and Ripple have agreed on a settlement framework under which $50 million from the escrowed penalty amount would be paid to the SEC, with the remaining balance returned to Ripple. The motion emphasized that such a resolution would “promote judicial efficiency, avoid protracted litigation,” and reflect the SEC’s evolving stance under Acting Chairman Mark Uyeda — who has recently pulled back from several high-profile crypto enforcement actions.
This isn't the first time Ripple and the SEC have sought to dissolve the civil injunction. A previous request was denied by Judge Torres on May 8 for lacking “exceptional circumstances.” However, in this latest filing, both sides have presented a more compelling case, positioning the settlement as a practical solution that benefits both the court and the broader crypto ecosystem.
If Judge Torres grants the indicative ruling, it would allow the appellate court to temporarily return the case to her jurisdiction, enabling her to formally lift the injunction and authorize the release of the funds. The motion highlights that doing so would align with public policy favoring settlements, reduce unnecessary court burdens, and provide closure to a lawsuit that has lingered since December 2020.
The SEC’s original lawsuit accused Ripple of conducting an unregistered securities offering through the sale of XRP — an allegation Ripple has long disputed. The case has played a central role in shaping the ongoing debate about whether digital assets like XRP should be classified as securities under U.S. law.
If approved, this settlement could bring much-needed clarity not only for Ripple and XRP holders but also for the broader crypto industry navigating the murky waters of regulation. As one of the most influential legal battles in crypto nears its conclusion, all eyes are now on Judge Torres and the Second Circuit.
