XRP community members are bracing for the next chapter of the SEC v. Ripple case, particularly as the expiration of a key deadline approaches.
The lawsuit between the SEC and Ripple has been ongoing for more than four years, with no clear end date in sight. In the meantime, a major court deadline is fast approaching, which could determine the next phase of the longstanding legal tussle.
June 15 Deadline
For context, the deadline relates to the expiration of the 60-day temporary pause granted by the Second Circuit in the Ripple case. As previously reported, the parties jointly requested a 60-day stay on April 10, 2025, asking the Second Circuit to temporarily pause the lawsuit while they work toward a potential resolution.
The request came days after the parties reached a verbal agreement to withdraw their appeals. Under the agreement, Ripple will pay a $50 million fine (down from $125 million), and the parties will vacate the permanent injunction on the company’s future institutional sales of XRP.
Following this agreement, the parties requested a 60-day pause from the court to finalize the settlement. The court granted this request on April 16, setting a deadline of June 15 (often rounded to June 16) for the SEC to file a status report.
SEC’s Status Report
In that report, the SEC would officially update the court on where things stand regarding the resolution. It would indicate whether they still need more time to pursue this goal.
The expiration of the June 15 deadline is fast approaching, and the broader XRP community is eager to know what the parties’ next move might be and how it could impact the case.
Recall that Judge Analisa Torres denied the parties’ motion for an indicative ruling on the settlement agreement. This decision posed a significant challenge to resolving the Ripple case.
The parties are yet to re-file another motion for an indicative ruling. Nonetheless, June 15 remains a critical date, as the SEC’s status report would determine the next phase of the case.
It is clear that the SEC and Ripple are eager for a resolution that would bring the case to a close. Therefore, they are likely to express their commitment to a settlement in the upcoming status report, due June 15.
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