After months of speculation and rumors, the long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) appears to be inching toward a turning point. Although many in the crypto community expected the SEC to withdraw its appeal in the case, it hasn’t done so yet, prompting fresh debate about the timeline and outcome of the lawsuit.
Crypto lawyer Bill Morgan, who has closely followed the Ripple-SEC case, confirmed that the SEC has not yet withdrawn its appeal. While there is no strict deadline for the SEC to do so, the commission is expected to provide an update to the appellate court by August 15, 2025. According to Morgan, that date serves as an informal deadline for the SEC to either act or request more time.
“We should hear something within the next two weeks,” Morgan said, pointing to the pressure building up around the SEC’s next move.
Another industry expert said that delays are still possible due to the SEC’s bureaucratic structure. “The SEC is a government agency and tends to move slowly and it can take months for them to review and approve actions,” the expert said. “But will they act before August 15th? I’m betting yes. Probably more likely than not.”
The expert also said that both Ripple and the SEC could jointly file for more time if needed. However, with the 2024 U.S. election bringing in a more pro-crypto stance under President Donald Trump, the expert said the political climate could push regulators to act faster.
Former SEC official and legal expert Marc Fagel added more context, saying that internal processes within the commission take time. “It can typically take one to two months for the SEC to vote on an enforcement recommendation,” Fagel said. “We don’t even know when that recommendation was submitted to the commissioners.”
Fagel also said that Ripple is likely waiting for the SEC to dismiss its appeal before making a joint filing. “Ripple said they would, but they haven’t yet–presumably waiting until the SEC approves dismissing their own appeal so they can file something jointly.”
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