Bill Morgan, a prominent attorney popular in the crypto space, has highlighted the latest procedural developments in the case between the U.S. Securities and Exchange Commission (SEC) and Ripple, pointing to a settlement process that has been quietly unfolding over the past several weeks.
According to Morgan, this process culminated in a joint Rule 62.1 motion filed on May 8, 2025, requesting an indicative ruling from Judge Analisa Torres.
The settlement process that has happened in SEC v Ripple over the last several weeks and will continue over the next few months is apparent from the details of the rule 62.1 motion filed today asking for an indicative ruling from Judge Torres.
1. Settlement agreement signed by…
— bill morgan (@Belisarius2020) May 8, 2025
Settlement Agreement and Procedural Steps
The Rule 62.1 motion follows a formal settlement agreement signed by Ripple on April 23 and the SEC on May 8, 2025. Morgan notes that the SEC’s signature on the agreement implies a prior internal vote by the commissioners to approve the deal.
As a procedural step, both parties also requested that the ongoing appeal and cross-appeal before the Second Circuit Court of Appeals be held in abeyance, pending the outcome of the motion before Judge Torres.
Requested Relief Under the Agreement
The settlement outlines two primary requests. First, the parties seek to dissolve the injunction previously issued against Ripple in the August 2024 Final Judgment. Second, they propose that the funds currently held in escrow, approximately $125 million, be partially disbursed, with $50 million to be paid to the SEC as a civil penalty and the remaining amount returned to Ripple.
To proceed, the parties now await an indicative ruling from Judge Torres. If the judge signals that she is inclined to grant the requested relief, the parties will seek a limited remand from the appellate court.
That remand would allow Judge Torres to consider and approve the settlement terms. Once the relief is granted, the process would conclude with the dismissal of both the appeal and cross-appeal.
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Public Interest Considerations
However, Morgan notes that Judge Torres is not bound to accept the proposed terms, writing, “She must form a view that it is in the public interest.” In arguing that the settlement meets that standard, Morgan points to the unique involvement of XRP holders throughout the litigation.
Nearly 80,000 XRP investors, represented by attorney John Deaton, participated in the case to oppose the SEC’s position. Morgan observes that “there is no evidence that a single XRP holder in the world supported the SEC,” suggesting that the proposed resolution aligns with investor interests.
The coming weeks will reveal whether Judge Torres will issue the indicative ruling necessary to activate the next phase of this resolution process.
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