Overview

• The Second Circuit on Aug. 22 approved a joint stipulation to dismiss the parties’ appeals, formally closing the appellate phase of SEC v. Ripple.
• Enforcement of a $125 million penalty against Ripple can proceed under the existing SDNY injunction after Judge Torres previously rejected a reallocation proposal.
• Judge Analisa Torres’s 2023 decision stands, holding that secondary-market XRP trades are not securities while certain institutional sales may be.
• Six issuers filed amended S-1s for spot XRP ETFs—Bitwise, Canary Capital, CoinShares, Franklin Templeton, 21Shares, and WisdomTree—while Grayscale submitted a new S-1 for an XRP Trust, with some proposals targeting Cboe BZX listings.
• Analysts said the clustered updates likely reflect SEC feedback, with structures revised to permit XRP or cash creations and cash or in-kind redemptions, and several applications now facing SEC decision deadlines in October.