In a latest twist in the Ripple vs SEC case, both parties have asked the Second Circuit Court to keep the appeals process on hold while they wait for a ruling from the district court. The SEC is expected to update the court with a status report by August 15.
This comes after a joint request was filed by Ripple and the SEC on June 12 to lift the injunction and reduce the penalty. The final outcome now depends on how the district court rules on that request.
If the court approves the proposed settlement, it could finally mark the end of this case. Otherwise, it could face new delays. All eyes are now on the next update, which is expected by mid-August.
Update Likely Within a Week?
One expert explains that the SEC refiled the motion with Judge Torres, and her response will guide the next steps. She also added that it might not take until August, as the last time Judge Torres responded within just 7 days, so a decision could come as early as Thursday or next week.
Former SEC official Marc Fagel commented that writing legal opinions takes time and pointed out that this isn’t the only case in front of the judge.
Will the Case Return to Judge Torres?
Sherrie expressed that she would be surprised if Judge Torres were to reject the refiled motion. The community might need to be prepared for the possibility that, if the motion is not approved and either party restarts their appeals, the case could end back up in Judge Torres’ courtroom. This could trigger “conspiracy theories” within the XRP community.
According to Fagel, it’s hard to predict whether the judge will modify her previous order. “I could see it going either way,” he said.
So, both sides are now waiting on Judge Torres. If she accepts the motion, it could help wrap up the case. If not, the appeals process may restart and lead to more speculation across the community.
If the case is resolved, it could boost XRP’s price and make way for spot XRP ETF approvals. As of now, XRP is trading around $2.22, up 1% in the past day
