The SEC and Ripple Labs are preparing to end their years-long legal battle after jointly requesting the appeals court to dismiss the regulator's appeal and the blockchain company's cross-appeal.
In a brief document on Thursday, the Second Circuit Court of Appeals acknowledged the joint dismissal of the SEC's appeal and Ripple's cross-appeal in the XRP lawsuit, noting that each party would bear its own costs.
“With the commission's vote today, the SEC and Ripple have officially submitted a request to the U.S. Second Circuit Court of Appeals to withdraw the appeal,” Ripple's Chief Legal Officer Stuart Alderoty stated on X on Thursday.
“Finally over, we will return to normal business,” he added.
The SEC sued Ripple in federal court at the end of 2020, accusing it of selling unregistered securities in the form of XRP tokens. In July 2023, a federal judge made a partial ruling that some tokens could be considered securities, which was subsequently appealed by the SEC.
With the termination of the appeal process in this lawsuit, the ruling made by New York federal judge Analisa Torres in 2023 will become the final outcome.
Judge Torres ruled that XRP sold by Ripple on public exchanges does not constitute securities, but the tokens sold to institutional investors do qualify as unregistered securities.
She then ordered Ripple to pay a $125 million fine to the SEC, a figure significantly lower than the SEC's initial demand of $2 billion. Influenced by this fine and Judge Torres's ruling, the regulator initiated an appeal in October, and Ripple subsequently filed a cross-appeal.
The SEC sued Ripple during Trump's first term. Now, Trump has promised to end regulatory enforcement against cryptocurrencies during his current and second terms, and the SEC has withdrawn several lawsuits against crypto companies.
In April of this year, the SEC and Ripple jointly submitted a motion to the U.S. Second Circuit Court of Appeals, requesting a stay of the SEC's appeal and Ripple's cross-appeal. A few weeks earlier, Ripple had indicated that both parties might withdraw their respective cases.
The two sides reached a settlement in May and requested Judge Torres to lift the injunction and reduce Ripple's $125 million fine, which was denied in June, with the judge stating that regardless of any changes in the SEC's regulatory stance, Ripple must still comply with federal securities laws.
Efforts to push for a settlement have been a major catalyst for the recent rise in XRP's price, with CoinGecko data showing an increase of nearly 99% from a low of $1.79 on April 9, 2025, to a high of $3.56 on July 22.
XRP's price briefly fell below $3 but has risen 10.6% in the past day, currently standing at $3.31.
Related: Ripple Acquires Stablecoin Payment Platform Rail for $200 Million
Original article: “SEC and Ripple Lawsuit to Conclude After Both Agree to Withdraw Appeals”
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