The U.S. Securities and Exchange Commission's (SEC) long-running and highly publicized case against Ripple Labs appears to be nearing its end. However, a new SEC filing on August 15 with the U.S. Court of Appeals for the Second Circuit serves as a crucial reminder: despite the parties' agreement, the final verdict still depends on the court's decision.
The regulatory body's filing is a status report reiterating that both the SEC and Ripple have reached an agreement to dismiss their appeals. This move, while a positive and expected sign, does not definitively close the curtain on the litigation.
According to the document, the joint stipulation of dismissal filed by both parties on August 7 "remains pending." This formality is necessary for the Court of Appeals to legally conclude the case, a step the XRP community and investors have been eagerly awaiting.
Status report filed by the SEC on August 15, 2025. Source: @FilanLaw
The optimism surrounding this deal is understandable. The market reacted positively, with the price of XRP experiencing a notable rally between August 7 and 8. Although it lost momentum in the following days, it managed to remain above USD 3 per unit.
Despite the expectations surrounding the steps taken by the SEC and Ripple, the history of the case teaches us that these steps do not always coincide with the pace and formalities of the judicial system. In June, Judge Analisa Torres rejected a joint motion by the SEC and Ripple to reduce the USD 125 million fine imposed on the company and to dissolve a permanent injunction.
Although the current situation is different, as it is not a matter of modifying a fine or dissolving an order, the need for court approval is an unavoidable step. The SEC's August 15 filing confirms that it is awaiting formal approval of the dismissal by the Court of Appeals, a process that could take days or weeks.
Thus, while the crypto world celebrates what appears to be the end of a conflict that has dragged on for nearly five years, the resolution won't be complete until the court's final order is issued. The wait continues, but all indications are that this long legal chapter is about to come to an end.
