The US Court of Appeals for the Second Circuit issued a mandate on Aug. 22 approving the dismissal of the appeals in the case between Ripple and the Securities and Exchange Commission (SEC).

The court order, shared by lawyer James Filan on X, officially ends one of crypto’s most consequential legal battles. 

Despite the news, XRP’s price increased less than 1% within one hour, trading at $3.0694 as of press time.

The dismissal follows a joint filing on Aug. 7, in which Ripple and the SEC agreed to end their appeals after a formal Commission vote. 

The agreement marks the conclusion of a dispute that began in December 2020 when the SEC sued Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen for allegedly conducting an unregistered securities offering through XRP sales.

Legal battle concludes, ETF odds remain high

Under the settlement terms, XRP will not be classified as a security, representing a major victory for Ripple. Each side will cover its own legal costs, according to the court filing. 

Ripple’s Chief Legal Officer Stuart Alderoty previously described the agreement as closing a chapter that has overshadowed the crypto industry for nearly four years. 

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Author: Gino Matos

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