The closure follows a joint stipulation filed earlier this year by both the SEC and Ripple, in which the regulator agreed to withdraw its appeal while Ripple dropped its cross-appeal. The appellate court has now accepted the request, meaning Judge Analisa Torres’s earlier ruling remains the final word.
Torres’s judgment, delivered in 2023, determined that XRP’s retail sales did not qualify as securities transactions, though certain institutional sales did fall under that classification. Ripple faced a monetary penalty but avoided the sweeping injunction the SEC had initially sought.
The breakthrough came after a settlement deal earlier this year, following the departure of former SEC Chair Gary Gensler. As part of that agreement, the regulator scaled back Ripple’s penalty and dropped efforts to permanently bar institutional XRP sales in the U.S.
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For Ripple, the outcome provides long-awaited clarity and the freedom to continue expanding without the shadow of the SEC case. For the wider crypto sector, the decision is seen as a landmark in establishing limits on how far securities law can be applied to digital assets.
Ripple CEO Brad Garlinghouse has described the resolution as a “new dawn” for both his company and the industry, while analysts note that the conclusion of the case removes a key overhang for XRP’s long-term adoption.
With the appeals process now closed, Ripple’s four-year legal struggle is finally over, cementing the case as one of the most influential chapters in crypto’s regulatory history.
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