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06/09 08:27

Ripple vs. SEC: XRP ETF Speculation Heats Up Ahead

Ripple vs. SEC: XRP ETF Speculation Heats Up Ahead of Key Court Date

Market speculation about a potential SEC approval of a US XRP-spot ETF pushed XRP to a June 2025 high on Sunday, June 8. The reported approval of the Nasdaq Crypto US Settlement Price Index (the NCISU), including ADA, SOL, XLM, and XRP, raised expectations of imminent XRP-spot ETF approvals.

Crypto commentator MartyP remarked on the NCISU approval, speculating that many crypto ETFs could get approved in the coming weeks. Notably, Franklin Templeton’s XRP-spot ETF application for the Franklin XRP Fund has an intermediate deadline of June 17. June 17 is the day after the US Court of Appeal’s deadline for the SEC to submit a status report on its progress toward a settlement in the Ripple case.

As the June 16 Court of Appeal deadline looms, the SEC could potentially file a second request for an indicative ruling on a settlement request this week. Judge Analisa Torres rejected the first request, citing procedural errors and inadequate arguments that a settlement serves institutional investors and the public. Settlement terms include lifting the injunction on XRP sales to institutional investors and reducing the $125 million penalty.

A favorable indicative ruling, if granted on the second attempt, would allow Ripple and the SEC to file to dismiss the cross-appeal and appeal, closing the case.

Will the SEC Grovel Enough? Pro-Crypto Lawyers Talk and Next Steps :-

Pro-crypto lawyer Fred Rispoli recently remarked on the SEC’s silence since Judge Torres denied the SEC’s request for an indicative ruling, stating:

“The message by Torres was clear that both parties need to beg for forgiveness. Ripple will say whatever to get it done but how much public groveling is the SEC willing to do? And how much groveling will be authorized? We have 12 days to find out.”

Pro-crypto lawyer Bill Morgan recently outlined the settlement process following Judge Torres’ May ruling.

The next step is for the SEC and Ripple to file a procedurally correct joint motion. If an indicative ruling is secured, the parties will appeal to the Court of Appeals for a limited remand. The goal would be to seek relief, agreed upon by both parties, from Judge Torres. Once the limited remand is granted, motions would be filed to dismiss the appeal and cross-appeal, ultimately closing the case.

Notably, if there is no indicative ruling by June 16, Fred Rispoli believes that the 2nd Circuit will likely push the deadline out another 60 days.

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