As the crypto community awaits the next development in the high-profile legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), Bill Morgan, an XRP enthusiast and legal attorney, has stepped forward to provide much-needed clarity.
Morgan addressed growing speculation surrounding the joint motion filed last week. On June 12, the parties filed a motion to renew their request for an indicative ruling after Judge Torres denied an earlier motion, stating, "If jurisdiction were restored to this Court, the Court would deny the parties’ motion as procedurally improper."
This is incorrect. The decision on the joint motion filed last week will be an indicative ruling on whether there are exceptional circumstances to warrant the Court reducing the penalty and dissolving the injunction.
— bill morgan (@Belisarius2020) June 25, 2025
It will not be a ruling that will redefine the status of… https://t.co/lkjE24WkSE pic.twitter.com/YR8Lq6gxwG
Given the pending motion for an indicative ruling, the parties have also requested that the Second Circuit continue to hold the appeals in abeyance, with the SEC filing a status report on Aug. 15, 2025.
In an X post, Morgan sheds light on what to expect next: an indicative ruling on whether there are exceptional circumstances to warrant the court reducing the penalty and dissolving the injunction.
Once this is obtained, the parties will ask the Second Circuit for a limited remand back to Judge Torres to request relief (based on the proposal, $50 million would go to the SEC and $75 million would be returned to Ripple) and once a remand is granted, they will file a motion along the same lines as Judge Torres.
Lastly, after the injunction is dissolved and the funds distributed, the SEC and Ripple will ask the Court of Appeals to dismiss the SEC’s appeal and Ripple’s cross-appeal.
XRP, not security: Law of the land
Importantly, Morgan noted that both Ripple and the SEC have agreed that the July 2023 summary judgment ruling by Judge Analisa Torres will remain untouched.
The decision, which found that Ripple’s programmatic sales of XRP did not constitute securities offers, was a watershed point in the case, and it will not be vacated, changed or modified.
"In fact the parties have agreed that the substantive summary judgment ruling made by Judge Torres in July 2023 will remain in place and will not be vacated, amended or modified," Morgan stated, attaching a screenshot of a court document.
