The U.S. Securities and Exchange Commission and Ripple Labs have jointly asked the U.S. Court of Appeals for the Second Circuit to dismiss their remaining appeals, formally closing a legal fight that began in December 2020 over whether Ripple’s XRP token was sold as an unregistered security. The dismissal leaves intact U.S. District Judge Analisa Torres’ mixed July 2023 ruling, which found that XRP sales to institutional investors violated securities laws while programmatic sales on public exchanges did not. Ripple remains subject to a $125 million civil penalty and an injunction barring unregistered institutional sales of the token. Each side will cover its own legal costs. The agreement ends one of the cryptocurrency industry’s highest-profile enforcement cases and offers clearer—though still partial—regulatory guidance for XRP. Market data show the token rising about 8% to roughly $3.30 after the filing, reflecting investor relief at the resolution.