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Key Takeaways:
- Bill Morgan confirmed the ruling will not redefine the legal status of XRP or other crypto assets.
- Ripple and SEC’s joint motion won’t alter prior substantive rulings, ensuring continuity in legal precedent.
- Despite speculation, there’s no set date for Judge Torres’ decision.
As the Ripple vs. SEC legal saga nears its conclusion, crypto enthusiasts are bracing for Judge Analisa Torres’ final ruling. Many in the XRP community believe the decision could significantly alter the legal classification of digital assets in the United States. However, prominent lawyer Bill Morgan has pushed back against that narrative, calling the speculation “incorrect.”
Bill Morgan Clarifies Scope of Judge Torres’ Decision
In a recent X (formerly Twitter) post, Morgan directly responded to influencer John Squire’s claim that the forthcoming ruling could “redefine the legal status of digital assets in the U.S.” Morgan firmly dismissed this notion, stating the judge’s decision will focus narrowly on procedural matters—specifically whether penalties should be reduced and the injunction lifted, as requested in a recent joint motion by Ripple and the SEC.
This is incorrect. The decision on the joint motion filed last week will be an indicative ruling on whether there are exceptional circumstances to warrant the Court reducing the penalty and dissolving the injunction.
— bill morgan (@Belisarius2020) June 25, 2025
It will not be a ruling that will redefine the status of… https://t.co/lkjE24WkSE pic.twitter.com/YR8Lq6gxwG
“The ruling will not redefine the status of digital assets in the US,” Morgan emphasized, suggesting the broader legal implications of XRP’s classification were already addressed in previous judgments.
Summary Judgment Remains Untouched
Importantly, Morgan pointed out that the court’s Summary Judgment Order—delivered in July 2023—remains intact. The current proceedings involve a joint motion for an indicative ruling, which is Ripple and the SEC’s second attempt to resolve remaining issues. According to the filing, neither party is seeking to amend or vacate the previous substantive rulings.
The court document underscores that “the Summary Judgment Order will remain in place” and “continue to bind the parties under the principles of claim and issue preclusion.”
This means the pivotal ruling that XRP is not a security when sold to the public on exchanges stands firm, regardless of any additional relief granted or denied.
Also Read: Ripple vs. SEC Will Not Drag Into 2026, Says Legal Expert — Here’s Why
No Timeline for Final Ruling
While many await a definitive ruling date, legal experts caution against expecting a specific timeline. Former SEC official Marc Fagel reminded the public that the court has no deadline for issuing a final decision. The August 15 deadline cited in some reports pertains to appellate delay processes—not Judge Torres’ ruling.
“The court has no fixed deadline for a ruling… Anyone saying otherwise is just making it up,” Fagel clarified in a June 2025 X post.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
