XRP: Ripple and SEC Request 60-Day Extension on Appeal

XRP is once again at the center of legal developments as Ripple and the U.S. Securities and Exchange Commission (SEC) have jointly asked for a 60-day extension to pause their ongoing appeal. This latest request, filed with the U.S. Court of Appeals for the Second Circuit, aims to provide both parties more time to potentially resolve the case outside of prolonged litigation.

The SEC made the formal request in a status update submitted to the appeals court. With the initial 60-day abeyance having expired, the regulatory body now hopes to extend the pause until August 15, 2025, allowing more time for negotiations and legal maneuvering.

Background: Initial Agreement and Request

Back in April, both Ripple and the SEC agreed to a 60-day suspension of the appeal proceedings. The reason? A mutual effort to secure what’s known as an indicative ruling from the District Court. As part of their tentative agreement, Ripple would see the permanent injunction on its institutional XRP sales removed, and the financial penalty imposed by the court reduced significantly—from $125 million to $50 million.

Recognizing the cooperation between the two entities, the Second Circuit initially granted the pause and directed the SEC to submit a progress report by June 16.

Indicative Ruling Motion Rejected—and Refiled

When Ripple and the SEC first filed the motion for an indicative ruling, District Judge Analisa Torres denied the request, citing procedural shortcomings. Judge Torres remarked that altering a finalized judgment is only applicable under exceptional circumstances—criteria that the joint motion did not initially satisfy.

Not deterred by the denial, both parties returned with a refiling that aimed to better emphasize the unusual nature of their situation. This updated motion is currently pending Judge Torres’ decision.

What Comes Next for XRP and Ripple?

The future steps in the Ripple vs. SEC case rest heavily on the District Court’s next move. If Judge Torres grants the indicative ruling, it would open the door for Ripple and the SEC to request a temporary remand of the case from the appellate court. Such a scenario would allow the judge to formally revise her earlier ruling—lifting the injunction on institutional sales and reducing the penalty fee.

Following those modifications, both parties have agreed to retract their ongoing appeals. This action would significantly accelerate the conclusion of this long-running legal battle, which has been closely watched by the XRP community and crypto stakeholders at large.

However, if the judge denies the renewed motion, Ripple and the SEC may be forced to submit another filing before the August 15 deadline, reigniting a new phase in this already complex legal saga.

The crypto world is watching with anticipation as Judge Torres is expected to deliver a decision soon. By referencing the timeline of her prior ruling, which took about seven days, speculation suggests a response could come before this week concludes.

Uncertain But Hopeful Future

As XRP holders look ahead, the potential for resolution appears more likely than ever. A joint dismissal of appeals would not only wrap up this high-profile confrontation but could also restore some regulatory clarity to XRP and Ripple’s operations moving forward.

Related: Expert Advice: Sell XRP If You’re Confused

While the appellate court has yet to rule on the latest 60-day extension request, the mutual cooperation between Ripple and the SEC signals a shared interest in ending the litigation cleanly. Such an outcome would mark a significant milestone in the evolving relationship between cryptocurrency firms and U.S. regulatory bodies.