Such rulings are used when a case is on appeal and the trial court no longer has authority to act. In this instance, jurisdiction rested with the Second Circuit, where both parties filed cross-appeals after the final judgment in August 2024.
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Judge Rejects SEC and Ripple's Bid to Rework XRP Settlement
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SEC and Ripple jointly filed a request on May 8, 2025, for an indicative ruling on whether the U.S District Court would approve SEC-Ripple settlement over selling unregistered securities and cut Ripple’s penalty from $125 million to $50 million
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SEC and Ripple, following the U.S. District Court ruling that XRP is not a security when sold on public exchanges but is a security in Ripple’s direct institutional sales, filed a cross-appeal to the U.S. Court of Appeals for the Second Circuit
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An indicative ruling is a non-binding signal issued by a district court indicating if it would approve a proposed resolution while a case is under appeal in U.S Court of Appeals and the District court lacks jurisdiction to act directly
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