TLDR:
- Ripple vs SEC officially ends after the court mandate, granting XRP legal clarity for investors and institutions.
- Grayscale, Bitwise, Franklin, 21Shares, and others filed updated S-1s for proposed spot XRP ETFs.
- Bloomberg’s James Seyffart confirmed updates stemmed from SEC feedback, calling it a positive but expected step.
- XRP ETFs amended to allow XRP or cash creations and both cash or in-kind redemptions.
The crypto industry closed one chapter and opened another on August 22.
Ripple’s long-standing legal fight with the U.S. Securities and Exchange Commission came to a decisive end. The U.S. Court of Appeals confirmed that the SEC withdrew its appeal, finalizing the case.
That same day, a wave of asset managers filed amended documents for proposed spot XRP exchange-traded funds. The filings and the legal clarity together positioned XRP at the center of investor attention.
Court Mandate Ends Ripple vs SEC
X user Marco noted that the Second Circuit Court issued an official mandate confirming the SEC’s withdrawal.
The order stated the appeal was withdrawn through stipulation, closing the case with no chance of further legal action. This marked the end of years of disputes that began when the regulator accused Ripple of selling unregistered securities.
For Ripple, the case outcome meant XRP was not classified as a security under U.S. law. This resolution removed the overhang that clouded Ripple’s operations and investor confidence. With no pending litigation, Ripple could advance its global payments strategy without regulatory delays.
Investors had waited years for clarity. Many saw this legal conclusion as removing one of the biggest obstacles for XRP’s broader adoption. With institutional hesitation tied to regulatory uncertainty, the mandate opened a path for utility-driven growth.
The crypto community shared reactions across platforms. Marco described the day as historic, saying XRP had finally secured the clarity it needed to scale.
Asset Managers Update Spot XRP ETF Filings
On the same day, asset managers including Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree filed amended S-1s.
The updates focused on structural changes, allowing either XRP or cash creations and both cash or in-kind redemptions. Previously, most filings were limited to cash creations and redemptions.
Bunch of XRP ETF filings being updated by issuers today. Almost certainly due to feedback from SEC. Good sign, but also mostly expected pic.twitter.com/GiSL1kc6lt
— James Seyffart (@JSeyff) August 22, 2025
Bloomberg ETF analyst James Seyffart said the cluster of filings was almost certainly a response to SEC feedback.
He described the updates as a good sign, while also stressing they were expected during the process. The timing showed issuers were aligned in their responses to regulatory requirements.
Nate Geraci, president of ETF consultancy firm The ETF Store, pointed out the importance of multiple issuers updating on the same day. He said the clustering showed coordination and reflected growing momentum around spot XRP ETF proposals.
S-1 amendments rolling in today on spot xrp ETFs…
Canary, CoinShares, Franklin, 21Shares, WisdomTree, & Bitwise so far.
Highly notable to see them cluster like this.
Very good sign IMO. pic.twitter.com/Ee7ZPdBuPW
— Nate Geraci (@NateGeraci) August 22, 2025
The U.S. Securities and Exchange Commission has yet to approve any spot XRP ETF.
However, with filings being actively updated and the Ripple case settled, issuers appeared eager to move forward. XRP’s price reflected the shift, recording gains of more than six percent after the filings and legal developments.
The dual events marked August 22 as a turning point for XRP. Ripple gained long-awaited clarity, and asset managers advanced ETF efforts in response to SEC direction. Together, they set the stage for the next phase of XRP’s role in regulated finance
