Ripple vs SEC Appeal Paused Until August 15 2025

The legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) has taken a significant turn in June 2025. Despite various reports suggesting that the SEC has withdrawn its appeal, prominent Australian lawyer Bill Morgan has clarified that the appeal is still active but temporarily paused. Morgan's insights provide a clear path forward for resolving this protracted legal battle.

Contrary to some social media claims, the SEC has not officially withdrawn its appeal. Instead, both parties agreed to put the case on hold, known as being “in abeyance,” while awaiting a ruling from Judge Analisa Torres. The U.S. Court of Appeals for the Second Circuit approved this pause, extending it through August 15, 2025, to allow the lower court to make its decision.

Bill Morgan, who has been actively correcting misconceptions about the case, recently addressed the misinformation on social media. He stated that the appeal is still active and in abeyance, and the performance of the settlement agreement between the SEC and Ripple, which would end the appeal, depends on a positive indicative ruling from Judge Torres. This ruling is crucial as it would signal Judge Torres' willingness to modify her earlier decision, allowing the $50 million settlement to proceed and lifting the injunction on XRP’s institutional sales.

Earlier in the process, both parties filed a joint request on May 8, asking Judge Torres to issue the indicative ruling. However, the motion was denied because it cited the wrong rule, Federal Rule 62.1, instead of Rule 60(b), which governs requests to reopen a final judgment. Recognizing the error, the SEC and Ripple refiled a corrected motion on June 12 and notified the appeals court to keep the case paused while Judge Torres reviews the new filing.

The outcome of this case hinges entirely on Judge Torres. If she issues a favorable indicative ruling, the case can be sent back to her court, allowing both sides to finalize the settlement and ask the appellate court to dismiss the appeal. Conversely, if she declines, the appeal could resume, prolonging a case that has already lasted for years.

Judge Torres could decide at any time, with the abeyance deadline set for August 15. If she gives the green light, the SEC and Ripple are expected to act swiftly, finalizing the deal and closing the books on a landmark crypto lawsuit. Despite widespread claims, the SEC has not dropped its appeal; it remains paused, pending Judge Torres’ decision. As Bill Morgan clearly explained, the only way this case ends is with her approval of the joint settlement. Until then, the legal uncertainty continues, but the finish line may finally be in sight.