The U.S. Court of Appeals for the Second Circuit on Aug. 22, 2025, formally acknowledged that both Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC) had dismissed their respective appeals, closing the appellate chapter of their multi-year legal confrontation over XRP. In a concise procedural ruling, the court accepted the joint stipulation under Federal Rule of Appellate Procedure 42, bringing an end to appellate review and affirming the underlying district court’s decisions.

Executives Brad Garlinghouse and Chris Larsen, listed as appellees alongside Ripple, were also included in the case’s final disposition. The court’s endorsement of the dismissal came with minimal commentary, concluding the order with the statement:

The stipulation is hereby ‘So Ordered.’

Finalization of the dismissals left the lower court’s findings in place, concluding a closely followed case that has significantly influenced digital asset regulatory discourse in the United States.

Initiated in December 2020, the SEC’s original complaint alleged that Ripple conducted an unregistered securities offering through its XRP token sales. The SEC contended that XRP met the statutory definition of a security and was thus subject to regulatory requirements under U.S. securities law. Ripple disputed that framework, asserting that XRP did not satisfy the criteria outlined in the Howey Test, the legal standard used to determine whether a transaction qualifies as an investment contract.

District Judge Analisa Torres issued a ruling that XRP sales on public exchanges to retail investors did not constitute securities transactions, while direct sales to institutional buyers did. This split judgment, while offering no absolute victory, established a precedent that may shape how courts interpret the classification of digital tokens in future enforcement actions.

Subsequent to the decision, the court imposed a civil monetary penalty of $125 million on Ripple—a substantial reduction from the $2 billion sought by the SEC. Ripple and the SEC then reached a resolution but their joint settlement motion was rejected by the court, which maintained the integrity of its judgment. With no viable path to alter the outcome through continued litigation, both sides elected to withdraw their appeals, finalizing the ruling and the associated penalty without further modification.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。