Ripple’s Legal Drama: Will the Judge Save the Day or Just Keep Us Guessing? đŸ€”

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Ah, the grand theater of justice! Ripple Labs, in a dazzling display of courtroom acrobatics, has rekindled the flickering flame of hope that their epic five-year duel with the US Securities and Exchange Commission might just reach a conclusion—perhaps even by next week! In a riveting two-page letter, filed on June 17, Ripple beseeches the honorable Judge Analisa Torres to grant an “indicative ruling.” This would signal her intent to dissolve the injunction from last August’s final judgment and accept the parties’ agreed reduction of the civil penalty to a mere $50 million. A bargain, right? 💾

XRP Ruling Next Week?

In a twist worthy of a soap opera, this filing comes just a week after the SEC and Ripple decided to renew their Rule 62.1 motion under the stricter Rule 60(b)(6) standard. They argue that lifting the so-called “obey-the-law” injunction wouldn’t change Ripple’s obligations because, let’s face it, “Ripple, like every other market participant, is obligated to follow the law, regardless of whether an injunction is imposed or not.” Well, that’s comforting! 🙄

The renewed motion, submitted on June 12, outlines the procedural steps needed to end this legal saga: if Judge Torres grants the indicative ruling, the parties will petition the US Court of Appeals for a limited remand. Once the district court formally dissolves the injunction and enters the reduced penalty, both sides will move to dismiss their appeals. The joint brief claims “exceptional circumstances” exist because settling now would save judicial resources and align Ripple with other digital-asset defendants whose cases the Commission has recently abandoned. Talk about a win-win! 🎉

Crypto defense lawyer Fred Rispoli, ever the optimist, believes this supplemental letter could be the game-changer. He quipped on X shortly after its release, “At 1.5 pages, this is not the strongest attempt—but it’s an attempt.” He then pointed out three glaring omissions the letter finally addresses: the primacy of appellate courts, the fact that dissolving the injunction changes nothing about Ripple’s legal duties, and the SEC’s own decision to make Ripple an early test case. Oh, the irony! 😂

“I’m still underwhelmed but feeling more optimistic. This may push us over the line,” he concluded. Responding to community inquiries, Rispoli predicts that Judge Torres is “highly likely” to rule this week or next; a positive ruling would kickstart the remand process, and once formalized, “then case over.” Sounds like a cliffhanger, doesn’t it? 📅

His cautiously optimistic outlook found an ally in immigration attorney and crypto commentator Greg Beuke, who chimed in: “Glad to see Ripple explain they would still have to follow the law without an injunction. Would’ve liked to see a bit more explanation of the importance of dismissing the injunction, and the reason for the request. Nevertheless, I think this letter improves the chances of approval.”

James Farrell, ever the skeptic, questioned why Ripple was “fighting so hard to get it vacated” if the XRP injunction truly changes nothing. Rispoli shot back, pointing out that critics were comparing Ripple to “obvious fraud cases” while ignoring a dozen other crypto defendants—Kraken, Coinbase, Consensys, Robinhood, and others—whose enforcement actions the SEC has abandoned altogether. TouchĂ©! đŸ„Š

What Still Needs To Happen Afterwards?

Pro-XRP lawyer Bill Morgan laid out the settlement timetable in a thread updated on June 18. According to Morgan, the parties signed a settlement agreement on April 23 (SEC approval followed on May 8), secured a 60-day pause of the appellate calendar through June 16, and filed their second, procedurally compliant Rule 62.1/60 motion on June 12. The missing piece? Judge Torres’s indicative ruling! Once that drops, the remaining steps—remand, formal order, payment of the $50 million penalty, and dismissal of the appeals—could be wrapped up “within the next several weeks,” Morgan wrote. Fingers crossed! đŸ€ž

While Ripple waits, the appeals remain frozen. In a status report dated June 17, the parties asked the Second Circuit to keep the case in abeyance and promised an update by August 15, 2025. The filing reiterates that the settlement is “subject to Commission approval,” but both sides prefer to conclude the matter in the district court if Judge Torres is willing. A true cliffhanger! 🎭

“This may push us over the line.”

At press time, XRP traded at $2.16. A fitting end to this chapter, or just the beginning of another? Only time will tell! ⏳

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2025-06-18 16:47