According to Fox Business reporter Eleanor Terrett, the proceedings in the Ripple case are more complex compared to Coinbase. This is because they already have an order from Judge Torres at the district level to pay the $125M penalty, she noted.
Will SEC Drop Appeal At Second Circuit?
She noted that Judge Torres will oversee the case until August 7, 2025, to ensure the penalty is paid. Besides, she also noted shared that the SEC might decide to drop the appeal at the Second Circuit, but they’ll still need to figure out how to handle the penalty ruling in the district court. They could negotiate to reduce or remove the penalty and would need Judge Torres’s approval to make it official.
🚨NEW: On @Ripple, as @CherryEmpress21 notes, it’s more procedurally complex than @coinbase because they already have an order from Judge Torres at the district level to pay the $125M penalty.
Torres, according to the final judgment, will retain jurisdiction over the case for a… https://t.co/KEkIMvrP5J pic.twitter.com/QqBSwPYA4p
— Eleanor Terrett (@EleanorTerrett) February 21, 2025
She noted that there’s a degree of uncertainty in all of this because, as one legal source mentioned to her, “We are in uncharted territory right now.”
As per a recent update, the U.S. Securities and Exchange Commission (SEC) is set to drop its lawsuit against Coinbase, pending approval from the agency’s commissioners. If finalized, this could be a significant legal victory for the cryptocurrency industry and a turning point for future regulations.
According to Coinbase’s Chief Legal Officer, the SEC will soon vote on a deal to dismiss the case against. If the vote passes, it won’t just clear Coinbase of legal troubles—it could also set an example for other crypto businesses facing similar regulatory challenges.
Ripple vs SEC To End Soon?
Nevertheless, the XRP community believes that the long-running lawsuit between Ripple and the U.S. SEC may soon be over. This optimism comes after the SEC recently showed openness to considering XRP exchange-traded funds (ETFs). Experts suggest that this shift indicates the lawsuit might no longer be relevant or a major concern.
On Thursday, the SEC acknowledged the NYSE’s application to list Grayscale’s XRP ETF, marking the first step in the approval process. This is important because it signals that the SEC may be open to considering an XRP ETF, rather than rejecting it outright.
XRP ETF Acknowledgment Raises Hopes
Bloomberg analyst James Seyffart noted that the SEC under its previous leadership would have likely rejected the XRP ETF application, especially after denying a similar one for Solana in December. He believes this new development slightly improves the chances of the ETF’s approval.
This change signals a shift in the SEC’s approach under new leadership. Besides, Nate Geraci, co-founder of the ETF Institute, pointed out that the SEC’s acknowledgment could have major implications for its ongoing case against Ripple.
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