Ripple Labs just made a legal move that might finally bring its long-running battle with the U.S. Securities and Exchange Commission (SEC) to an end.
On June 17, 2025, Ripple filed a short letter backing a joint request for what’s called an indicative ruling. Ripple’s legal team, including lawyers from Kellogg Hansen and Debevoise & Plimpton, filed the letter in the Southern District of New York.
Crypto attorney Fred Rispoli shared his view on X (formerly Twitter) and stated that the letter attempts to address lingering issues in the litigation, particularly those surrounding appellate risks and Ripple’s unique position compared to other SEC targets.
The submission follows Document 987 and explained the need to bring finality without altering the court’s original substantive rulings.
What you'll learn 👉
Filing Seeks to Avoid Appeals and Conclude the Case
Ripple’s legal team made it clear that the motion does not ask the court to change or reverse the previous Summary Judgment Order.
That decision, which remains binding, determined the legal status of Ripple XRP sales. Ripple states that if the court chooses to lift the existing injunction, the company would still remain under obligation to comply with securities laws.
This clarification addresses what the letter calls a misconception, that dissolving the injunction would relieve Ripple of regulatory responsibilities. Ripple confirms that even without the injunction, it must adhere to legal standards, just like any other market participant.
The aim of the filing is to reach a conclusion based on mutual terms without the need for continued litigation through the appellate courts.
Reduced Penalty and Settlement Framework Proposed
The joint motion outlines a potential agreement between Ripple and the SEC that includes a reduced financial penalty. The proposal is framed as a way to relieve both the court and the Second Circuit from further case burdens.
This effort represents a departure from continued adversarial proceedings and leans into a negotiated path forward. Ripple notes that the motion respects the substance of the previous ruling while seeking to close the matter on procedural grounds.
Legal analysts, including Rispoli, observed that this move may address earlier concerns that Ripple had not fully acknowledged the broader legal process, especially the role of appeals in resolving federal disputes.
SEC’s Changing Enforcement Strategy Referenced in Filing
A key portion of the Ripple letter references the SEC evolving stance on crypto regulation. The letter notes that the Commission has formed a dedicated crypto task force to explore rulemaking and exemptive authorities for tokenized assets.
This was confirmed in a speech by former SEC Commissioner Paul Atkins at a tokenization roundtable in May 2025.
Ripple argues that the SEC shift to dismiss other enforcement cases earlier in the litigation cycle reflects a broader change in how the agency approaches crypto regulation.
By comparison, Ripple claims it has faced prolonged litigation that is no longer consistent with the SEC updated strategy. This point supports Ripple view that a negotiated settlement is more aligned with current regulatory practices.
XRP Case Draws Public and Legal Community Reactions
James K. Filan, a widely followed attorney in the XRP community, confirmed the filing of the supplemental letter via a tweet, noting its procedural significance.
Meanwhile, Rispoli expressed cautious optimism, stating that although the letter is short, it may be enough to prompt action from the court.
The letter’s concise format covers three primary arguments: appellate courts still have jurisdiction, by dissolving the injunction does not change legal obligations, and Ripple was among the earliest SEC targets before the agency refined its crypto strategy.
These points were described by Rispoli as overdue but necessary clarifications. The court’s response to the joint motion and supplemental filing is now awaited.
If approved, the agreement could formally conclude a multi-year legal conflict that has played a major role in shaping crypto regulation discussions in the United States.
Read Also: Ripple and SEC Pause Appeals, Waiting on a Ruling That Could Change Everything
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