Overview

• On Aug. 22, the Second Circuit issued a mandate approving a joint dismissal of the SEC’s appeal and Ripple’s cross‑appeal, closing the four‑year case’s appellate phase.
• Judge Torres’s 2023 decision remains in effect, clarifying that secondary‑market XRP trades are not securities while some institutional sales may be, and the previously imposed $125 million civil penalty can now be enforced.
• Ripple must comply with the Southern District of New York injunction, after the court earlier rejected efforts to reallocate the penalty.
• Six issuers—Bitwise, Canary Capital, CoinShares, Franklin Templeton, 21Shares, and WisdomTree—filed S‑1 amendments for spot XRP ETFs, and Grayscale submitted a new S‑1, with updates allowing XRP or cash creations and cash or in‑kind redemptions.
• Analysts said the clustered ETF updates were almost certainly in response to SEC feedback and a constructive sign for the review process, as XRP rose roughly 6%–10% to about $3.10 with on‑chain data indicating whale accumulation.