Overview

• Ripple and the SEC dropped their appeals in August 2025, formally closing the five-year dispute and leaving the July 2023 decision in place.
• Judge Analisa Torres ruled that XRP traded on public exchanges is not a security, while certain institutional sales constituted unregistered securities offerings.
• The court’s opinion cited attorney John Deaton’s amicus brief and affidavits from XRP holders among more than 2,000 filings in the case.
• Deaton says the citations prove the organized XRP community influenced the outcome, highlighting measurable contributions by retail holders.
• Ripple deputy general counsel Deborah McCrimmon said volunteers surfaced government speeches and materials that supported the fair‑notice defense, saving the company substantial legal costs.