The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has felt like a never-ending saga for the crypto community. Just when it seemed like both sides were ready to wrap things up, a surprise twist delayed the process yet again.
A Curveball from Judge Torres
According to pro-XRP lawyer John Deaton, both Ripple and the SEC had agreed to settle the case. The SEC dropped its appeal regarding XRP’s secondary sales on exchanges, and Ripple agreed to settle its cross-appeal concerning institutional sales and a hefty $150 million fine. The plan was to reduce the fine to $50 million and lift the injunction restricting Ripple’s institutional sales.
The parties then asked Judge Analisa Torres for an indicative ruling — essentially a heads-up on how she would rule if the case was sent back to her from the appeals court.
But in a move no one expected, Judge Torres denied the motion. She pointed out procedural issues and said that the parties hadn’t addressed the “heavy burden” required to convince the court that lifting the injunction was in the public’s best interest.
Why the Judge Might Be Frustrated
Deaton explained that Judge Torres’ refusal wasn’t just about legal technicalities. After years of intense courtroom battles, mountains of paperwork, and over $250 million spent between both sides, the judge might be frustrated at the SEC’s sudden change of heart — essentially dropping its case after tying up the court’s resources for so long.
The judge is asking both sides to explain why lifting the injunction serves the public good, especially since her original ruling found Ripple’s institutional sales violated securities laws.
What Happens Next?
So, how long until this finally ends? According to Deaton, the case isn’t deadlocked — but it has hit another “speed bump.”
He believes both Ripple and the SEC will now have to submit a joint brief making their case to Judge Torres. Ripple’s institutional clients are sophisticated investors like banks and hedge funds — not retail traders harmed by the sales.
If they can convince the judge that dissolving the injunction aligns with public interest and regulatory clarity, Deaton thinks she’ll eventually approve the settlement.
How Long Will It Take?
Deaton estimates it could still take a few more months before the XRP vs SEC case is fully resolved. “Ultimately, this is just another speed bump along the way,” he said. Once Judge Torres is satisfied, the case would go back to the Second Circuit Court of Appeals, get officially remanded to her, and the final settlement terms would be approved.
