After almost four years of courtroom battles, Ripple’s long fight with the U.S. Securities and Exchange Commission (SEC) is inching closer to the finish line. But while Ripple has already done its part, the outcome still depends on one thing, the SEC’s next move.
Let’s break down what’s happened so far, what’s still pending, and why August 15 could be a turning point.
Ripple Has Taken Action—But the Case Isn’t Over Yet
On June 27, Ripple made two big moves. First, it withdrew its appeal against the court’s earlier decision about its institutional XRP sales. Second, it paid the full $125 million civil fine into escrow. This shows that Ripple is serious about closing this chapter.
However, even with these steps, Ripple can’t end the lawsuit alone. The legal system requires both parties to agree and file the final documents, and the SEC hasn’t done that yet.
The next step is in the SEC’s hands, which needs to vote internally and file its withdrawal. Until that happens, the case remains open.
Judge Torres Is Likely Taking Her Time Carefully
The likely reason for the delay is that Judge Torres is being extra careful. This is not just any case, it’s one of the biggest crypto lawsuits in U.S. history. Her ruling could shape how crypto companies are treated by the SEC in the future.
So, it makes sense that she’s reviewing every detail before giving her final say.
Why August 15 Matters
Both Ripple and the SEC are supposed to give the court a joint status update by August 15, 2025. This isn’t a hard deadline, but it is an important one.
The SEC has three options:
- Withdraw its appeal
- Ask for more time
- Keep delaying (which could hurt its reputation)
What Happens If SEC Steps Back?
If the SEC officially withdraws its appeal, several big things will follow. Ripple will be free to restart its full institutional operations. The $125 million fine held in escrow will be sent to the U.S. Treasury.
Also, more than 1,700 confidential Ripple contracts could be made public. Most importantly, the court’s ruling would become a permanent legal precedent.
But until the SEC takes that final step, the case remains open.
