Both the U.S. Securities and Exchange Commission (SEC) and Ripple requested a temporary stay of the ongoing appeal proceedings as part of their joint efforts to reach a final settlement of the ongoing legal dispute.
This came in a legal update provided by defense attorney "James Filan," who noted that both parties are seeking more time to arrange the details of the settlement, pending an official update on the case scheduled for August 15, 2025.
The joint motion, submitted on June 12 to the U.S. District Court for the Southern District of New York, included a proposal to vacate the court ruling against Ripple and reallocate the financial penalty of $125 million, with $50 million to be paid to the Securities and Exchange Commission and $75 million returned to Ripple.
This move follows a previous rejection by Judge "Analisa Torres" of a similar joint request, due to the lack of extraordinary circumstances justifying a modification of the final judgment.
In response, both parties emphasized in their updated request that the proposed settlement would contribute to efficiently resolving the case without the need for further legal proceedings, aligning with the agency's usual practices in cases involving the enforcement of digital asset laws.
While awaiting the court's decision on the motion, both parties agreed to submit an updated status report by August 15, indicating a mutual desire to resolve the dispute without prolonged litigation.
