The long-running legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) is officially over.
On August 7, both parties filed a Joint Stipulation of Dismissal with the US Court of Appeals for the Second Circuit, confirming the withdrawal of their respective appeals.
SEC Dismisses Appeals Against Ripple
According to court documents, the SEC has dismissed its appeal (Case No. 24-2648), and Ripple has dismissed its cross-appeal (Case No. 24-2705).
The joint filing states that both parties “stipulate to the dismissal” of the cases, with each side bearing its own legal costs and fees.
The filing brings to a close one of the most high-profile enforcement actions in crypto history.
It also marks the final step in the aftermath of Judge Analisa Torres’ 2023 ruling. The ruling found that Ripple’s institutional XRP sales violated securities laws, while programmatic sales and secondary market transactions did not.
Background on the Appeal Process
Ripple and the SEC had both appealed portions of that ruling. The SEC sought to challenge parts of the judgment that did not favor it, while Ripple contested the injunction and $125 million civil penalty imposed for institutional sales.
Earlier this year, the two sides attempted to resolve the dispute through a negotiated settlement that would reduce Ripple’s penalties and vacate the injunction.
Judge Torres rejected that request in June, forcing both parties back into the formal appeal process.
Today’s filing ends that effort and confirms that no changes will be made to the original remedies. The $125 million penalty, currently held in escrow, will now be transferred to the US Treasury.
XRP Market Reaction
Following the filing, XRP surged 5% within the past hour, as traders reacted to the official end of the multi-year legal battle. The altcoin reached an all-time high in late July, but faced significant corrections afterwards.
So, what does this mean for Ripple and XRP going forward? Ripple remains barred from conducting unregistered institutional sales of XRP.
Meanwhile, the SEC will not pursue any further action on this case. The precedent set by Judge Torres’ ruling stands as a partial victory for both sides.
With the appeals dismissed and the case closed, Ripple can now move forward under a clearer regulatory framework, though it remains subject to the court-imposed restrictions.
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