The US Securities and Exchange Commission (SEC) and Ripple Labs have jointly asked the Second Circuit Court of Appeals to keep their appeals on hold.
The reason for the delay is that they are waiting for the Court’s decision on their updated request for an indicative ruling. The filing is the latest in a series of legal developments in the long-running SEC vs. Ripple saga.
Ripple vs. SEC: Appeals on Hold Amid Key Court Decision
Court documents showed that the request to pause the appeals was filed on June 16. This comes after both parties filed with the Manhattan District Court to lift the injunction.
The motion, submitted on June 12, addresses a prior rejection by District Judge Analisa Torres. That denial cited procedural deficiencies under Federal Rule of Civil Procedure 60(b).
This requires “exceptional circumstances” to modify a final judgment. Notably, the updated filing now asserts such circumstances.
For now, the motion remains pending before Judge Torres. Attorney Fred Rispoli previously revealed that a decision from the Judge could likely come before the end of next week.
“In light of the foregoing, the parties are in agreement that this Court should continue to hold the appeals in abeyance.” the document read.
The outcome could have substantial implications. A failure to secure an indicative ruling would mean Ripple must wait until 2026 for another opportunity to seek dismissal.
Furthermore, the SEC has also proposed to file another status report by August 15, 2025, to update the Court on any further developments in the settlement process.
While the legal battle continues, its resolution could pull XRP out of its current legal limbo. Market watchers also believe this could potentially trigger a rally for the altcoin. BeInCrypto previously reported on XRP’s struggles to gain momentum despite bullish catalysts.
According to the latest data, XRP has lost 5.1% of its value over the past month. However, the lawsuit isn’t the only factor to blame. Broader macroeconomic conditions have also weighed heavily on the market.
Despite this, a modest recovery was observed in the past day. BeInCrypto data showed that XRP rose 2.8%, trading at $2.2 at press time.
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