In a new development in the ongoing Ripple vs. SEC case, former SEC regional director and legal expert Marc Fagel has clarified that the court’s decision on Ripple and the SEC’s joint motion for an indicative ruling is not delayed until August 15, 2025. Contrary to some interpretations, Fagel emphasized that Judge Analisa Torres can issue a ruling at any time—and is under no legal obligation to wait until that date.
No Formal Delay: Clarifying the Court Process
The clarification follows confusion after Ripple and the SEC submitted a joint status report to the U.S. Court of Appeals for the Second Circuit on June 16, requesting that their appeals remain on hold while awaiting a decision from the district court on their proposed settlement agreement. The court granted their previous request in April to pause the appeals pending potential settlement approval.
This prompted speculation that the case would remain in limbo until the next update deadline of August 15. However, Fagel took to X (formerly Twitter) to explain that the August 15 date is merely a reporting deadline for a status update, not a constraint on Judge Torres’ timeline.
“There’s no formal delay of the case until August 15. The court can rule on the indicative motion at any time,” Fagel stated.
Awaiting a Key Ruling
Ripple and the SEC are seeking Judge Torres’ approval to modify the final judgment from 2024, which includes dissolving a permanent injunction and reducing the $125 million penalty to $50 million. Their updated joint motion, filed June 12, outlines arguments intended to meet the court’s requirement for “exceptional circumstances” under Rule 60(b) of the Federal Rules of Civil Procedure.
A favorable decision would enable both parties to formally conclude the case, with Ripple recovering the remaining escrowed funds and both appeals withdrawn.
Broader Implications
If Judge Torres grants the indicative ruling, it could mark the formal end of the nearly five-year legal battle between Ripple and the SEC. The case has been a cornerstone in defining how U.S. securities law applies to digital assets and is being closely watched across the crypto industry.
Legal clarity from the ruling may also set precedent for future regulatory actions and provide critical guidance to digital asset companies navigating enforcement risks.
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