Circuit

Status

James

<ul>
 <li>Ripple and SEC jointly dismissed appeals, leaving only court approval for the formal conclusion of the four-year XRP lawsuit.</li>
 <li>Ripple agreed to pay $125 million, significantly reduced from the SEC’s original $2 billion demand, with restrictions on institutional sales.</li>
 <li>The case reaffirmed XRP as not a security, marking a significant milestone for U.S. digital asset regulations and future compliance standards.</li>
</ul>
The Ripple vs SEC lawsuit, which began in December 2020, has reached a critical milestone. On August 7, both Ripple and the U.S. Securities and Exchange Commission filed a joint dismissal of their respective appeals, signaling a near conclusion to one of the most closely watched cases in the cryptocurrency sector. Ripple withdrew its cross-appeal, followed by the SEC’s withdrawal after an internal vote.
As part of the settlement, Ripple agreed to pay $125 million, a significant reduction from the original $2 billion sought by the SEC. Both parties will cover their legal costs. However, restrictions remain in place on future institutional sales of XRP, requiring registration and compliance for such transactions.
<h2 class="wp-block-heading" id="xrp-s-legal-status-affirmed">XRP’s Legal Status Affirmed</h2>
Despite the financial settlement, the proceedings reaffirmed that <a href="https://cryptofrontnews.com/xrp-broke-out-of-a-descending-wedge-and-analys/" rel="noopener noreferrer nofollow">XRP </a>itself is not classified as a security. This recognition has been welcomed by the wider crypto community, as the case’s outcome sets an important precedent for digital asset classification under U.S. law.
Although appeals have been dismissed, the case is not yet formally closed. On August 16, the SEC filed a status report with the U.S. Second Circuit Court of Appeals, fulfilling a directive from June 16. This filing updates the court on the joint dismissal and awaits official approval to bring the case to a legal end.
Former federal prosecutor James K. Filan <a href="https://x.com/FilanLaw/status/1956485249367502975" rel="noopener noreferrer nofollow">noted </a>that the court’s approval will finalize the dismissal and officially close the case. Community members highlighted that the report was filed later than expected, reflecting procedural delays. Despite this, observers agree that Ripple now has legal clarity to continue business operations, pending the court’s confirmation.
The post <a href="https://cryptofrontnews.com/ripple-vs-sec-nears-formal-end-as-appeals-dismissed-and-penalty-set/" target="_blank" rel="noopener noreferrer nofollow">Ripple vs SEC Nears Formal End as Appeals Dismissed and Penalty Set</a> appears on <a href="https://cryptofrontnews.com" target="_blank" rel="noopener noreferrer nofollow">Crypto Front News</a>. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.

Ripple vs SEC Nears Formal End as Appeals Dismissed and Penalty Set

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