Ripple vs SEC Lawsuit Update: Settlement Talks, IPO Hopes & A Long Wait Ahead?

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The legal fight between Ripple and the U.S. Securities and Exchange Commission (SEC) seems far from over. Even though the U.S. Court of Appeals has agreed to pause the case for 60 days, many are now asking, What’s happening behind the scenes?

Meanwhile, Prominent Crypto Lawyer James Farrell has shed some light on it. Lets see what it is?

Settlement Talks, IPO Hopes 

According to James Farrell, this break in the case could mean something big is coming. The court has stopped the appeal for now after both Ripple and the SEC asked for it together.

Farrell thinks Ripple and the SEC might be working on two things; a possible settlement and an “indicative ruling” from Judge Torres. Ripple wants the judge to let them sell private tokens using certain rules, which they can’t do right now because of their past violations.

Why is this important? 

Well, if Ripple can’t sell tokens privately, it’s nearly impossible for them to go public anytime soon. While other crypto companies might launch IPOs, Ripple could be stuck waiting for years for its IPO.

Ripple’s Two-Part Ask

Farrell says there are two ways this could be done. In the first path, Ripple sends a settlement offer to the SEC. If the SEC says yes but denies the motion to change the rules, Ripple will settle the case, and the appeal ends. 

But they’ll still need Judge Torres’ approval to change the rules. That could take another 3 to 6 months, and there’s no promise she’ll agree.

The second path is trickier but has bigger potential. If the SEC agrees to both the settlement and Ripple’s request to change the rules, the case will return to Judge Torres. Then, she will decide what to do next, but this could still take months, depending on how fast she moves.

What’s Next For Ripple?

If all goes smoothly, a settlement could be reached and the appeal dismissed within a month. But if Ripple needs to file separately with Judge Torres after the appeal ends, that decision could take another 3–6 months.

If the SEC and Ripple can’t agree, the case may go back to appeal, possibly pushing the timeline into 2026 or even 2027. For now, all eyes are on the SEC’s next move, expected by June 15.