Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have jointly requested the U.S. Court of Appeals for the Second Circuit to keep their ongoing appeals on hold, as both parties await a potential resolution of the long-running legal battle over XRP.
In a joint status report filed on June 16, the SEC’s appellate attorney Ezekiel L. Hill confirmed that both Ripple and the SEC are aligned in asking the court to continue holding the appeals in abeyance. The request follows an earlier court order from April 16, which required an update within 60 days after the parties revealed they had reached a settlement agreement in principle, pending approval by the Commission and modifications by the district court.
According to the filing, both sides agreed:
“This Court should continue to hold the appeals in abeyance, with the Commission to file a status report by August 15, 2025.”
The proposed settlement, formalized on May 8, outlines that Ripple would pay $50 million to the SEC from the previously imposed $125 million penalty. The remaining funds would be returned to Ripple, and the injunction imposed on the company would be lifted—if the district court agrees to amend the final judgment.
The same day, Ripple and the SEC filed a joint motion with the district court seeking an indicative ruling that would allow those modifications. However, on May 15, the district judge denied the request, stating that the parties failed to meet the “exceptional circumstances” requirement under Rule 60(b) of the Federal Rules of Civil Procedure.
On June 12, both parties submitted a renewed motion with expanded legal arguments aimed at meeting that threshold. This renewed request is currently under review by the district court.
Should the court approve the modifications, Ripple and the SEC would then seek a limited remand from the appeals court to finalize the changes. If successful, both parties intend to dismiss their respective appeals.
Until a ruling is made, the legal appeals will remain paused. A further update is expected from the SEC by August 15, 2025.
