SEC and Ripple withdraw appeal, XRP secondary market non-security ruling takes effect

On August 7, 2025, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs jointly filed a motion to dismiss their appeals with the U.S. Court of Appeals for the Second Circuit, ending the appeals process between the two parties, with each party bearing its own litigation costs.

This makes the ruling by District Judge Analisa Torres in July 2023 the final judgment, namely that XRP transactions on the secondary market do not constitute securities offerings, but sales to institutional investors are illegal securities offerings.