The U.S. Securities and Exchange Commission (SEC) and Ripple Labs submitted a joint motion to dismiss to the U.S. Court of Appeals for the Second Circuit on August 7, 2025, ending both parties' appeal process, with each bearing its own litigation costs. This move made the ruling by District Court Judge Analisa Torres in July 2023 a final judgment, stating that the trading of XRP on the secondary market does not constitute a securities offering, but sales to institutional investors are considered illegal securities offerings. (TheBlock)