The U.S. Securities and Exchange Commission (SEC) has filed its August 15 status report with the U.S. Court of Appeals for the Second Circuit, confirming that the parties have lodged a Joint Stipulation of Dismissal of their cross-appeals.
Prominent attorney Bill Morgan has weighed in on the filing, noting that while the step is “a formality,” it leaves space for “another short period of time for posts about Judge Torres making a final order any day.”
With the report submitted, both sides now await the court’s approval for a formal dismissal of the appeals. However, Morgan suggests that many community members who don’t fully understand the timeline will continue sharing misinformation.
It’s a formality but we can enjoy another short period of time for posts about Judge Torres making a final order any day https://t.co/UNxlXl4RUF
— bill morgan (@Belisarius2020) August 15, 2025
Misinformation About Judge Torres’s Role
Despite the straightforward procedural timeline, parts of the community have claimed that a final order from U.S. District Judge Torres could arrive any day. That is inaccurate, as Judge Torres has not had control over this matter since she denied the parties’ request for an indicative ruling months ago.
Once that motion was rejected, the case proceeded within the Second Circuit’s jurisdiction, with Ripple expressing its intention to dismiss its appeal, and the SEC following suit over a month later. Any order concluding the appeals must come from the appellate court upon approval of the dismissal stipulation, not from the district court.
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The Road to Dismissal
Morgan has repeatedly corrected these recurring misstatements and explained that the outcome now depends on the Second Circuit. His latest comment emphasizes that the filings already outline what both sides want: dismissal of their appeals. Attorney James K. Filan, who shared the status report, also noted that the dismissal stipulation is pending, reinforcing that the next action rests with the appellate court.
Once the Second Circuit grants the motions to dismiss, the appeals will be terminated. That step would effectively end the long-running legal battle between the SEC and Ripple, consistent with the parties’ filings. It does not require, and will not feature, a fresh “final order” from Judge Torres, as many in the community might still suggest.
The appeals now rest with the Second Circuit, and until the court confirms the dismissal, talk of a district court conclusion is misplaced. What is certain is that both Ripple and the SEC have signaled their intention to close this chapter, leaving the case nearer than ever to resolution.
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