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Second Circuit Dismisses SEC–Ripple Appeals, Leaving 2023 XRP Ruling Intact

The mandate cements Torres’s 2023 decision on XRP’s secondary‑market status, triggering enforcement of a $125 million penalty.

SEC and Ripple officially settle appeals, XRP case moves to final enforcement
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Overview

  • On Aug. 22, the U.S. Court of Appeals for the Second Circuit approved the parties’ joint stipulation to dismiss their appeals in SEC v. Ripple.
  • The dismissal ends the appellate phase and enables enforcement of the $125 million civil penalty and the Southern District of New York injunction against Ripple.
  • Judge Analisa Torres’s July 2023 ruling remains controlling, holding that secondary‑market trades of XRP are not securities while certain institutional sales were securities offerings.
  • The appeals were withdrawn following a joint Aug. 7 filing after a formal SEC Commission vote, with Ripple dropping its cross‑appeal as part of the agreement.
  • The outcome reduces legal uncertainty around XRP, though any decisions on potential spot XRP ETFs would follow separate SEC processes and are not guaranteed.