The long-running battle between Ripple and the SEC might finally be nearing its end. A new joint motion filed by both parties could mark the final chapter of the case, if Judge Analisa Torres agrees to the proposed terms. But even though many in the XRP community are hopeful, some legal experts warn that it’s not a guaranteed outcome.
The motion, filed on June 12, asks Judge Torres to modify the final judgment from 2023. Ripple and the SEC want to reduce the penalty from $125 million to $50 million and dissolve the injunction that currently limits XRP sales to institutional investors. According to pro-Ripple lawyer Bill Morgan, this modification is a crucial part of the settlement. Without it, the deal between Ripple and the SEC could fall apart.
Morgan explains that the strongest argument in the motion is that ending the appeal and finalizing this case would save the court time and resources. If the judge accepts the reduced fine and lifts the restrictions, the litigation would be completely resolved – no further appeals, no drawn-out court battles, and both sides could move on. That sounds reasonable, but it doesn’t necessarily meet the court’s required standard of “exceptional circumstances.”
The strongest argument in the joint motion is that the modification of the final orders of Judge Torres is a necessary condition of the settlement agreement between the SEC and Ripple, and that if the final orders are modified by reducing the amount of the fine and dissolving the… https://t.co/AH9foEhwjT
— bill morgan (@Belisarius2020) June 15, 2025
This is where the debate starts. Critics argue that Ripple and the SEC didn’t have to tie the settlement to modifying the final judgment. They could have agreed to drop the appeals and accept the original ruling from Judge Torres. Instead, they are asking the court to approve changes that serve Ripple’s interests, which puts the burden back on the judge to decide whether that’s justified.
According to Morgan, the strategy feels like a “fait accompli.” The parties have already agreed on the terms and are now essentially asking the court to rubber-stamp the deal. That may not sit well with Judge Torres, especially after she spent years overseeing this complex case. Still, Morgan says his intuition tells him the judge might approve the motion – but he wouldn’t be surprised if she doesn’t.
The clock is ticking. The Second Circuit Court of Appeals gave the SEC until June 16 to confirm whether the settlement is finalized or if the appeal will continue. That puts Judge Torres in a tough spot. If she rules quickly in favor of the motion, the case could wrap up within days. If she denies it, Ripple and the SEC may be back to arguing their appeals well into late 2025.
For XRP holders, the outcome could have a big impact. If the injunction is lifted and the case is closed, it removes a major cloud that’s been hanging over XRP since late 2020. That clarity could potentially open the door for more institutional interest and help Ripple refocus fully on business growth. But if the motion is denied, the legal uncertainty continues – and with it, more volatility in the token’s price.
The XRP community remains cautiously optimistic. With prominent pro-Ripple voices like Morgan offering measured but hopeful takes, many believe the end is near. But in a case that’s had so many twists, no one is calling it over just yet.
Read also: XRP Price Hasn’t Topped Yet? Expert Says $8 Is Just the Beginning
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