Ripple and SEC Officially Dismiss Appeals in Case $XRP
The long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has officially come to an end.
On August 7, both parties submitted a Joint Stipulation of Dismissal in the U.S. 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 dismissed its appeal (Case No. 24-2648), and Ripple dismissed its counter-appeal (Case No. 24-2705).
The joint stipulation states that both parties "agree to dismiss" the cases, with each side bearing its own costs and legal fees.
The filing ends one of the most well-known enforcement actions in the history of cryptocurrencies.
It also marks the final step following the ruling by Judge Analisa Torres in 2023. The ruling stated that institutional sales of XRP by Ripple violated securities laws, while programmatic sales and secondary market transactions did not violate the law.
Background on the Appeal Process
Ripple and the SEC had appealed parts of this ruling. The SEC sought to challenge those parts of the judgment that were unfavorable to it, while Ripple contested the injunction and the $125 million civil penalty imposed for institutional sales.
Earlier this year, both parties attempted to resolve the dispute through a negotiated settlement that would reduce penalties for Ripple and lift the injunction.
Judge Torres denied that request in June, forcing both sides to return to the formal appellate process.
Today's filing concludes 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 U.S. Treasury.
Following the filing, XRP rose by 5% in the last hour as traders reacted to the official end of the years-long battle
