XRP News Today: Ripple vs SEC Decision Imminent Judge Torres May Rule Within Days

In the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), recent developments suggest that a resolution may be imminent. Legal experts have indicated that Judge Analisa Torres could issue a decision within days, contrary to the SEC's request for an extension of the abeyance period for the appeal process. This speculation has led to the possibility that the case could conclude as early as June.

The SEC recently filed a status update with the U.S. Court of Appeals for the Second Circuit, seeking a 60-day extension to hold the appeal and cross-appeal in abeyance. This request follows a previous agreement between Ripple and the SEC aimed at resolving their long-standing dispute over the sale of XRP. However, this latest filing does not impact the timeline for the ruling on the joint motion submitted to the district court earlier this month.

Pro-XRP attorney Bill Morgan clarified the implications of the SEC’s filing on a social media platform. He stated that the SEC's request does not delay the decision on the joint motion filed last week until August. Instead, the SEC is seeking to extend the period in which the appeal and cross-appeal are held in abeyance for an additional 60 days. Morgan emphasized that the decision by Judge Torres on the joint motion could be delivered in days.

Attorney James K. Filan provided further insight, noting that the SEC's June 17 submission to the Second Circuit aims to pause appellate proceedings while a motion under Federal Rule of Civil Procedure 60 remains pending. This motion seeks an indicative ruling by the district court to potentially alter or dissolve parts of the previous final judgment.

On June 12, Ripple and the SEC jointly renewed a request to lift the injunction included in the court’s Final Judgment and to partially reduce the civil penalty. The parties proposed releasing $50 million from the $125 million penalty amount currently held in escrow to the SEC, while the remaining funds would be returned to Ripple. The motion argues that there are unusual circumstances justifying the change in the existing judgment, including an agreement between the sides, a shift in the SEC's attitude towards crypto regulation, and a mutual desire to avoid a lengthy court battle.

Legal analyst Sherrie noted that the next procedural milestone hinges on Judge Torres’ decision on the joint motion. She commented that an answer could be expected as early as this Thursday or perhaps next week. The next official update of the appeals process is scheduled for August 15, when the SEC is to submit another status report to the appellate court. However, legal observers emphasize that Judge Torres' decision on the resolution of the motion at the district level could come at any moment.