Today, June 16, marks a crucial moment for Ripple and the entire XRP community, as the SEC is expected to submit a status report to the U.S. Court of Appeals for the Second Circuit.
This report will reveal whether the agency and Ripple have agreed to settle, intend to proceed with their appeals, or require more time for negotiation.
The outcome could significantly shape the future of the XRP token and the broader legal implications for the crypto space.
Ripple’s long-standing legal clash with the U.S. Securities and Exchange Commission appears to be approaching a decisive moment. After more than four years of legal proceedings, the XRP community is anticipating significant developments as a crucial deadline nears.
On June 12, Ripple and the SEC jointly refiled a motion requesting an indicative ruling from Judge Analisa Torres. The filing seeks to amend the court’s final judgment by reducing the financial penalty imposed on Ripple to $50 million.
It also asks for the removal of an injunction that restricts the company from selling XRP tokens to institutional investors.
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This refiling follows a previously denied motion in May, which the court rejected due to procedural errors. Ripple, in turn, immediately resolved the problems and started a revised version in the legal department.
The new motion contains the needed legal background and citation to past decisions, showing that it is a new and more measured way of making the case wrap up.
Legal analysts have noted the significance of the joint effort, as the filing reflects an alignment between both parties on terms that could potentially resolve the dispute. As the U.S. Court of Appeals demands another status report be provided by the SEC on today, there is increasing pressure to reach a solution.
Key Legal Arguments Could Influence Final Outcome
Legal expert Bill Morgan identified what he believes is the strongest argument presented in the joint motion. According to Morgan, the requested modifications to the final judgment are a core part of the settlement terms.
Both Ripple and the SEC are asserting that approving the motion would prevent further litigation and conserve judicial resources.
The motion also references changes in SEC enforcement practices and recent case dismissals to support its request for exceptional relief. Although some observers indicated that such relief is a prerequisite on the part of the court, the coordinated filing might impact the judge’s judgment.
According to pro-XRP lawyer John Deaton, there is a 70 percent possibility that Judge Torres might accept the motion. The optimism notwithstanding, legal observers warn that a quick ruling, like the one before that took place within a week, is an indication of denial.
All eyes are now on June 16, the date by which the SEC must communicate its next step to the appeals court. This might result in a settled agreement or continue a legal debate, but in either case, the XRP community is getting ready to experience a key matter that will determine the future of the token.
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