The long-standing legal dispute between the SEC and Ripple Labs has finally come to an end. Attorneys for both sides recently submitted a "joint stipulation of dismissal" to the U.S. Court of Appeals for the Second Circuit, deciding to abandon their respective appeals and agreeing to bear their own litigation costs. This move means that the "mixed ruling" made in 2023 by U.S. District Judge Analisa Torres will become the final judgment in the case.

According to Judge Torres' ruling last year, Ripple's sale of XRP to institutional investors was deemed an unregistered securities offering, in violation of securities laws. As a result, Ripple was fined $125 million and permanently banned from engaging in similar illegal activities again.

However, it is worth noting that the judge also ruled that Ripple's practice of selling XRP to ordinary retail investors through cryptocurrency exchanges in a "blind auction" manner does not constitute illegal activity. This ruling is widely regarded as a significant victory for Ripple in this legal battle.

The SEC appealed the ruling to the Second Circuit Court in 2024, and Ripple also filed a cross-appeal against part of the ruling. However, with the changes in the political landscape this year and the new SEC chair taking office, there has been a noticeable shift in cryptocurrency policy. Recently, the SEC has successively withdrawn several lawsuits and investigations against cryptocurrency companies.

This latest development not only marks the end of the years-long legal battle between the SEC and Ripple but may also have far-reaching implications for the regulatory environment of the entire cryptocurrency industry. Industry insiders generally believe that the final determination of this ruling could provide some legal reference for other cryptocurrency companies, but the specific impact remains to be further observed.