Overview

• On August 22, the U.S. Court of Appeals for the Second Circuit approved a joint stipulation dismissing both sides’ appeals, closing the appellate phase of SEC v. Ripple.
• The $125 million penalty and an injunction remain enforceable, and Judge Analisa Torres’ 2023 ruling that secondary-market XRP trades are not securities stays in effect.
• Seven issuers—Bitwise, Canary Capital, CoinShares, Franklin Templeton, Grayscale, 21Shares, and WisdomTree—submitted updated registration statements for spot XRP ETFs, with Grayscale also filing a new S-1.
• Amended filings broaden mechanics to allow XRP or cash creations and cash or in-kind redemptions, changes analysts say reflect SEC feedback.
• SEC decision deadlines have been pushed into October, creating a cluster of rulings next month, while XRP traded near $3.00–$3.10 after the developments.