The U.S. Securities and Exchange Commission (SEC) has filed a new request with the U.S. Court of Appeals for the Second Circuit, asking for an extra 60 days to pause its ongoing appeal against Ripple. The request, filed in a June 16 status report, seeks to delay the appeal process until August 15, 2025.
Back in April, Ripple and the SEC jointly requested the first 60-day pause. They aimed to seek an indicative ruling from the U.S. District Court concerning a tentative settlement. That agreement included two main points: vacating the permanent injunction on Ripple’s institutional XRP sales and lowering the imposed penalty from $125 million to $50 million. In response, the Second Circuit granted the freeze and instructed the SEC to file an update by June 16.
District Court Denies Initial Request
Mid-May, U.S. District Judge Analisa Torres denied the joint motion for an indicative ruling. She pointed out a procedural flaw and emphasized that modifying a final judgment requires truly “exceptional circumstances.” In her view, the parties had not met that threshold.
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Refusing to give up, both parties refiled the motion last week, now emphasizing the existence of exceptional circumstances. Judge Torres has yet to decide on the renewed request. As they wait, the SEC has updated the appellate court and asked for a second delay.
Next Steps Depend on District Court Ruling
If Judge Torres grants the indicative ruling, Ripple and the SEC will ask the Second Circuit to remand the case. This would allow the district court to modify the judgment, removing the injunction and reducing the fine. If successful, both parties would then withdraw their appeals effectively ending the case.
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However, if the judge rejects the motion again, they may submit a new request before the August 15 deadline.
Although Judge Torres took about seven days to rule on the earlier motion, it remains unclear when she will decide on the revised request. A decision could arrive later this week, as Ripple supporters and crypto industry watchers wait for clarity on the case’s conclusion.
