Ripple and SEC Ask Court to Pause Appeals as They Fight to End XRP Case
Kevin Helms
Legal
Ripple and SEC Ask Court to Pause Appeals as They Fight to End XRP Case
Ripple and the SEC have requested to pause their appeals while awaiting a decision that could finalize their settlement and conclude the prolonged case regarding XRP sales.
SEC and Ripple Align on Pausing Appeals Pending Court Decision on XRP Case
The U.S. Securities and Exchange Commission (SEC) and Ripple Labs informed the U.S. Court of Appeals for the Second Circuit on June 16 that they are jointly seeking to keep their appeals on hold while awaiting a district court decision that could lead to a resolution of the litigation over the sale of XRP.
In a status report filed by SEC appellate counsel Ezekiel L. Hill, the agency noted that both parties agreed to maintain the pause in appellate proceedings. This filing follows the court’s April 16 order, which had required the SEC to submit an update within 60 days after both parties disclosed they had reached a settlement agreement in principle, subject to Commission approval and district court modification of the final judgment. The SEC’s June 16 filing states:
The parties are in agreement that this Court should continue to hold the appeals in abeyance, with the Commission to file a status report by August 15, 2025.
On May 8, following internal approval, the SEC and Ripple executed a settlement agreement contingent on the district court modifying the final judgment in the long-running XRP case. Under the terms, Ripple would pay $50 million to the SEC out of a $125,035,150 civil penalty, with the remainder returned to the company, and the injunction against Ripple would be dissolved.
That same day, the parties jointly moved the district court for an indicative ruling on whether it would grant these modifications. The district court denied the motion on May 15, citing the failure to establish “exceptional circumstances” required under Federal Rule of Civil Procedure 60(b). The parties renewed their motion on June 12 with arguments intended to meet that legal threshold as they fight to end the case over XRP.
The SEC’s status report explains that the renewed motion remains pending before the district court. The regulator stated that, depending on the outcome, it and Ripple would seek a limited remand from the appellate court to obtain the requested relief. If the district court grants the modifications and the final judgment is revised, both sides would move to dismiss their respective appeal and cross-appeal. Until then, both parties have agreed that the appeals should remain in abeyance. The next update to the court is due by Aug. 15, 2025.
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