The legal standoff between Ripple Labs and the United States Securities and Exchange Commission (SEC) has yet to conclude despite major developments in the past year.
Legal expert Bill Morgan has pointed to the SEC’s decision to appeal Judge Analisa Torres’ earlier summary judgment as the main reason for the delay in closing the case.
According to Morgan, Ripple had initially been content with Judge Torres’ decision and was prepared to accept the outcome. Nevertheless, after the SEC disputed such a decision, Ripple submitted a counter-appeal. The settlement has become a complex process that has elongated the settlement period.
Driven by the SEC’s appeal, the cross-appeals turned a case of conclusion into an issue of war, with Morgan convinced that Ripple would not have taken further legal steps on institutional sales. The parties could have proceeded with the summary judgment and final decision instead.
It seems likely to me that had the SEC not filed an appeal of the summary judgement decision of Judge Torres, that Ripple would not have filed an appeal on the institutional sales part of the summary judgement decision (although we cannot be sure) and the parties would have just… https://t.co/UN2vdHibN7
— bill morgan (@Belisarius2020) June 20, 2025
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Key Legal Steps Still Required Before Resolution
In recent months, Ripple and the SEC have taken coordinated steps to resolve the case. Since the second quarter of 2025, both sides have filed joint motions to hold the appeal and requested an indicative ruling from the court. A signed settlement agreement is already in place, showing progress behind the scenes.
Still, according to Morgan, several procedural steps are required before the case can be officially closed. Ripple and the SEC must jointly file a motion to the Court of Appeals to limit remand. This would enable Judge Torres to cross the motions and grant the relief terms that have been agreed upon.
Thereafter, a separate motion should be directly filed with Judge Torres requesting the court’s final approval of the agreed relief. As part of the resolution, Ripple is supposed to be charged a lesser penalty of 50 million.
Lastly, both sides will have to file another united motion requesting the Second Circuit Court to dismiss the SEC appeal and Ripple’s counter-appeal. Only by following this legal procedure will the case involving Ripple and the SEC be officially concluded.
Despite reaching a settlement agreement, Ripple and the SEC must complete a series of court motions before closing the long-standing legal dispute.
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