Overview

• The U.S. Court of Appeals for the Second Circuit approved a joint stipulation on Aug. 22 to withdraw the SEC’s appeal and Ripple’s cross-appeal.
• Judge Analisa Torres’ July 2023 decision stands, finding secondary‑market XRP sales are not securities while certain institutional sales violated securities laws.
• Enforcement can proceed on the $125 million civil penalty and the Southern District of New York injunction against Ripple.
• An earlier proposal to reallocate the penalty was rejected by Judge Torres, so the original enforcement terms control.
• Defense lawyer James K. Filan shared the court mandate, confirming the action that concludes the case begun in December 2020.