The U.S. Securities and Exchange Commission and Ripple Labs have filed a joint stipulation in the Second Circuit Court of Appeals to dismiss their respective appeals, formally concluding a legal battle that began in December 2020 over the sale of XRP tokens. Each party agreed to cover its own legal costs, bringing a definitive end to one of the crypto industry’s most closely watched enforcement cases. The decision leaves intact a July 2023 ruling by U.S. District Judge Analisa Torres, which found that Ripple’s sales of XRP to institutional investors violated federal securities laws, while sales on public exchanges did not. A permanent injunction continues to bar the company from selling XRP to institutions without registering the token as a security. Ripple’s previously negotiated $125 million civil penalty—escrowed since June—will now be transferred to the U.S. Treasury. By abandoning the appeals, both parties avoid further litigation and provide greater regulatory clarity for future digital-asset offerings. XRP rose roughly 10 percent to about $3.31 in the 24 hours following the filing, as investors welcomed the resolution and the precedent it sets for the classification of cryptocurrencies in U.S. markets.