The lengthy legal standoff between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has officially concluded, with both parties filing a joint stipulation to dismiss their appeals in the long-running XRP case. On Aug. 7, 2025, the U.S. Court of Appeals for the Second Circuit received the joint filing, ending the SEC’s appeal (No. 24-2648) and Ripple’s cross-appeal (No. 24-2705). The legal clash began in 2020 and has been a defining case in how digital assets are treated under U.S. securities law.

Reactions from the legal community were swift. Attorney James K. Filan posted on social media platform X:

The parties have filed a Joint Dismissal of the Appeals. The case is over.

Lawyer Bill Morgan expressed enthusiasm, calling it the “best news” in five years. “The SEC v Ripple case is finally OVER. Booooom. Appeals dismissed,” he stressed.

The filing, submitted under Federal Rule of Appellate Procedure 42(b)(1), explicitly stated that “each party will bear its own costs on appeal.” It noted that the dismissal applies to “the above-captioned appeals,” referring to the main appeal by the SEC and the corresponding cross-appeal by Ripple.

The submission also confirmed that the parties “have agreed to the dismissal and have signed this stipulation,” signaling a mutual decision to avoid further court action. The move ends the prospect of any appellate review, leaving the lower court rulings intact but without a binding precedent from the Second Circuit.

Ripple Chief Legal Officer Stuart Alderoty detailed:

Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals. The end… and now back to business.

The price of XRP immediately soared following the news. As of writing, XRP is trading at $3.29.

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