The lawsuit between Ripple and the American regulator SEC has been going on for years. Many people in the crypto community expected a settlement under Trump, especially since the SEC recently dropped other major crypto cases. Yet there is still no agreement. Why is this taking so long and how is the delay affecting the XRP price?
Ripple may want to change previous ruling
According to legal expert James Murphy, known on X as MetaLawMan, the delay may not be with the SEC, but with Ripple itself. In a message on X, he explained that Ripple is probably trying to get certain parts of Judge Analisa Torres’ previous ruling changed.
I have a Theory about the SEC’s unexplained delay in dismissing the @Ripple case.
It might not be the SEC.
It could be that @Ripple is negotiating hard to get the SEC to agree to vacate some or all of Judge Torres’ decision.
The Torres decision was unquestionably GREAT for…
— MetaLawMan (@MetaLawMan) March 1, 2025
That ruling was favorable for people who have XRP, but less positive for Ripple as a company. The judge determined that Ripple had violated the US securities act on some points. Ripple may want to remove those violations from the ruling because that would strengthen the company’s legal position in the future.
Not everyone believes that Ripple is the sole reason for the delay. Attorney Fred Rispoli believes that the SEC itself is also hesitating. According to him, there may be differences of opinion within the SEC about the level of the 125 million dollar fine that Ripple must pay. In particular, commissioners Mark Uyeda and Hester Peirce are said to have doubts about whether adjusting the fine would be wise.
Ripple is thinking ahead and taking the IPO into account
Another reason why Ripple is holding firm to tough negotiations may have to do with plans for the future. Murphy thinks that Ripple may want to take its shares public in the future with an IPO.
If Ripple ever takes that step, the company will naturally want to minimize the legal risks involved. A ruling stating that Ripple violated securities law would not be convenient. That is why Ripple may now want to make the deal with the SEC as clean as possible, without any awkward references to previous violations.
According to Murphy, the case against Ripple is different from other SEC lawsuits against crypto companies. Most cases end in a quick settlement, but in Ripple’s case, there has already been a final ruling by the judge. This means that the outcome of this case is much more important because it can serve as an example for other lawsuits.
Ripple has until April 16 to submit its next document for the appeal. Some analysts think a deal will be reached before that date. Others think it will take longer because the negotiations are complicated and the stakes are high.
