A key ruling in the long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) could arrive sooner than anticipated, according to crypto legal expert Bill Morgan.
In a recent analysis, Morgan stated that U.S. District Judge Analisa Torres is likely to issue a decision on Ripple and the SEC’s revised joint motion ahead of the August 15 update deadline imposed by the Court of Appeals. The motion, filed on June 12, 2025, seeks to lift an injunction against Ripple and finalize a $50 million settlement, effectively ending the XRP-related litigation.
“I do not think anyone expects it will take Judge Torres that long to rule,” Morgan said on social media platform X.
Timeline of the Case
The legal proceedings entered a new phase after Ripple signed the settlement agreement on April 23, followed by the SEC on May 8. That same day, both parties filed a motion under Rule 62.1 for an indicative ruling from Judge Torres. The judge initially denied it, citing the motion’s failure to meet the exceptional circumstances standard under Rule 60(b).
In response, Ripple and the SEC submitted a revised joint motion on June 12, addressing the court’s procedural concerns. The filing included a renewed request to dissolve the injunction and reduce Ripple’s penalty to $50 million—down from the $125 million originally imposed.
Following this, the SEC asked the Second Circuit Court of Appeals to extend its pause on appeal proceedings until August 15. The request was granted to allow time for Judge Torres to consider the updated motion.
Ripple, Not the SEC, Delayed the Process, Says Morgan
Contrary to public perception, Morgan emphasized that the delays are largely due to Ripple’s insistence on having the injunction lifted as part of the settlement.
“Ripple is the source of the delay,” he stated. “Rather than cause the delay, the SEC is actually bending over backwards to help Ripple have the injunction dissolved.”
The process from here includes obtaining an indicative ruling from Judge Torres, requesting a limited remand from the appellate court, and finally securing court approval for the modified judgment and fine. Once those steps are completed, both Ripple and the SEC will formally withdraw their respective appeals.
The ruling, when issued, is expected to bring a resolution to a case that has significantly shaped regulatory discourse around digital assets in the U.S.
