The legal fight between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) continues to unfold, with attorney and XRP advocate Bill Morgan offering critical insights. On June 12, Ripple and the SEC jointly filed a renewed motion for an indicative ruling after their earlier request was denied by Judge Analisa Torres. The judge ruled that the initial motion was procedurally improper due to jurisdiction issues.

Renewed Push for Indicative Ruling Explained

According to Morgan, the court will now assess whether exceptional circumstances exist to justify a reduced penalty and the removal of the injunction against Ripple. If the court grants the indicative ruling, the parties will then seek a limited remand from the Second Circuit Court of Appeals.

This remand would allow the case to return briefly to Judge Torres for further action. As part of the proposed resolution, Ripple would pay $50 million to the SEC and recover $75 million.

Related article: Ripple v. SEC: Settlement Likely as Late 2026 Delay Dismissed

If the court agrees to these terms, Ripple and the SEC will move to dissolve the injunction. After completing the fund distribution and dissolving the injunction, both sides plan to jointly request the dismissal of the SEC’s appeal and Ripple’s cross-appeal.

Appeals Temporarily on Hold

Currently, the Second Circuit is holding both appeals in abeyance. The SEC is expected to file a status report by August 15, 2025. This delay gives the court time to consider the renewed motion and allows both parties to work toward finalizing the settlement.

Related article: Ripple and SEC Request Another 60-Day Appeal Pause as Judge Reviews Settlement Motion

Importantly, Morgan emphasized that Judge Torres’s July 2023 summary judgment will remain unchanged. The judge had ruled that Ripple’s programmatic sales of XRP did not amount to securities offerings. This key victory for Ripple will not be vacated, altered, or amended. Morgan shared a court document to confirm both parties’ agreement on keeping that decision intact.

Ripple and the SEC appear to be aligning on a resolution that avoids further litigation. While some steps remain, such as obtaining the indicative ruling and remand, both parties seem intent on closing this chapter without disturbing the favorable 2023 judgment.