- XRP has legal clarity, says Bill Morgan, as no such ruling came out to contradict Judge Torres’ statement.
- If Ripple does not report back to the court on June 16, the legal proceedings will be resumed since no settlement has been accepted.
The Ripple vs. SEC case could continue for another 60 days if no new motion is filed before the June 16 deadline, lawyer Bill Morgan has warned. Morgan explained in a recent post on X that without new filings, the cross-appeal process will recommence, requiring Ripple to submit its next legal brief. He noted, ” Something has to happen by then or the Appeal and Cross-appeal continues, and a briefing is due from Ripple.
But if the case is before Judge Analisa Torres by then, the proceedings are likely to stall again. The remarks by Morgan come amid growing speculation of a lift on the proposed injunction and also following reports of an unverified $50 million penalty deal. While rumors are circulating, there was no formal filing, and Judge Torres had previously rebuffed the joint settlement attempt, dismissing the filing on procedural grounds.
Attorney Fred Rispoli echoed that the June 16 date is a reporting deadline, not a settlement date. The U.S. Court of Appeals also demands that the parties tell them what is happening.
XRP’s Legal Clarity Defended as SEC Quiet on Appeal
In another exchange online, Bill Morgan addressed claims that XRP’s legal status remains unclear. He said the notion was false, reiterating that Judge Torres had already found that XRP is not a security. Morgan also said that the SEC’s appeal did not dispute that point.
This is a lie. XRP has been found by a judge not itself to be a security. The SEC Appeal did not challenge that finding. To say XRP has no legal clarity is the biggest lie I have seen in crypto this year. https://t.co/6x1AycUxja
— bill morgan (@Belisarius2020) June 1, 2025
Though the judge’s opinion was expressed as dicta, he noted that it has legal significance. Morgan said this makes XRP clearer than Bitcoin, which has never received an official judicial position. He added that the judge’s interpretation has gone uncontested and should not be ignored when gauging XRP’s regulatory legitimacy.
SEC Roundtable May Signal Broader Shift in Crypto Policy
Ripple’s case could resurface during the SEC’s new digital assets roundtable scheduled on June 9. SEC Chair Paul Atkins and Commissioners Caroline Crenshaw, Mark Uyeda, and Hester Peirce will speak at the session. Commissioner Crenshaw had previously voted against the Ripple settlement proposal, dissuading it for diluting legal processes and shortchanging investors.
More recently, the SEC has dropped a number of high-profile cases, including lawsuits against Binance and Coinbase. Some analysts say the agency is reconsidering its crypto enforcement agenda. Should Ripple’s case be addressed, it will indicate just how much the SEC is ready to compromise in the future.
An earlier request for an indicative ruling was already denied by Judge Torres for weak arguments of public benefit and investor protection. The SEC is now under pressure to refile a new version of it that conforms to procedural standards. This will determine if Ripple will proceed with its cross-appeal or if the agency will continue with the original challenge as to the XRP sales programmatic.
At press time, XRP is trading at $2.17 and has a market capitalization of $127 billion with $1.18 billion in 24-hour trading volume. The token was seeing little volatility and traded between $2.17 and $2.19 intraday.
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