No. The SEC reported on August 7, 2025, that it and Ripple had filed a joint stipulation dismissing both the SEC’s appeal and Ripple’s cross-appeal. The SEC said the dismissals resolved its enforcement action against Ripple Labs and executives Bradley Garlinghouse and Christian A. Larsen. It also said the district court’s final judgment remained in effect.
What happened to the SEC and Ripple appeals?
Both sides had appeals pending in the U.S. Court of Appeals for the Second Circuit: the SEC’s appeal and Ripple’s cross-appeal. On August 7, 2025, the SEC announced that the parties filed a joint stipulation dismissing both. The SEC identified the district court case as 1:20-cv-10832 and the appeals as 24-2648(L) and 24-2705(XAP). Read the SEC’s Litigation Release No. 26369.
The SEC described the stipulation as resolving its civil enforcement action against Ripple Labs, Garlinghouse, and Larsen. The appeals’ dismissal ended those appeals; it was not an appellate ruling reversing the district court’s judgment.
What remained in effect after the appeals were dismissed?
According to the SEC’s August 7, 2025 release, the district court’s final judgment remained in effect after the dismissals. The SEC said that judgment imposed a $125,035,150 civil penalty against Ripple and an injunction prohibiting Ripple from violating the registration provisions of the Securities Act of 1933.
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This describes the judgment as the SEC reported it. The available information here does not establish whether a later proceeding changed that judgment.
What did the court’s ruling say about XRP sales?
In a May 8, 2025 statement, SEC Commissioner Caroline A. Crenshaw summarized the district court as finding that Ripple’s institutional sales of XRP were unregistered offers and sales of investment contracts in violation of Section 5 of the Securities Act, while other secondary offers and sales were not. That is Crenshaw’s attributed description, not a substitute for the court’s full opinion. Read Crenshaw’s statement.
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Crenshaw also said she had confidence in the arguments the SEC presented to the Second Circuit. Her view does not change the subsequent procedural outcome: the SEC said both appeals were dismissed in August 2025.
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What the appeal dismissal does—and does not—mean
- Both appeals ended: the SEC’s appeal and Ripple’s cross-appeal were dismissed by joint stipulation, as reported by the SEC.
- The judgment was not vacated by that dismissal: the SEC said the district court’s final judgment remained in effect.
- It was not a new ruling on every XRP transaction: dismissal of the appeals should not be treated as a fresh appellate decision resolving the merits of every type of XRP sale.
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