Ripple Labs and the U.S. Securities and Exchange Commission have asked the court to pause the ongoing appeal proceedings. The legal filing suggests both parties are working toward a settlement that may soon bring the case to an end.
The motion also confirms that no legal brief will be filed on April 16 as previously scheduled. This sudden change has intensified speculation about what may happen behind closed SEC doors.
In a public statement, Brad Garlinghouse confirmed that the legal dispute had entered its final phase after exceeding four years. The SEC maintained silence about this matter while refraining from making any public declarations regarding this situation.
Former SEC attorney Marc Fagel indicates that the recent change in leadership could be responsible for delaying this legal procedure. According to Fagel, the Commission maintains silence regarding the pending agreement because new Commissioner Paul Atkins has yet to assume his position.
Presumably the SEC wanted Atkins at the helm for the vote; and having him vote his first day on the job would’ve had bad optics (not that his support for this isn’t assured). So this avoids the (minimal) risk that Ripple declines to submit a brief and something goes sideways.
— Marc Fagel (@Marc_Fagel) April 10, 2025
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Delay Seen as Strategic to Align With New SEC Leadership
Fagel explained that forcing a vote immediately after Atkins’ appointment could raise concerns about internal coordination. Allowing him time before voting may reduce criticism and ensure unity within the Commission.
Another reason the SEC may have delayed its legal activities might have been to execute a strategic approach during this time. The regulatory body has possibly engineered this decision to prevent opposition against a quick settlement process under its new leadership structure.
Attorney Bill Morgan highlighted the legal term “indicative ruling” in official court documents. He thinks the judge is evaluating the existing Ripple injunction to resolve the case through consent.
Judge Analisa Torres must amend the injunction order for the settlement proposal to proceed. For now, the SEC appeal and Ripple’s cross-appeal remain active.
This scenario would mean the legal battle is not entirely over, as the possibility of continued proceedings depends on how the judge responds to the agreement.
Ultimately, the joint request to pause the appeal may signal progress but remains dependent on the court’s and the SEC’s final decisions. Until both approvals are secured, the legal outcome of the Ripple case remains unresolved.
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