Despite ongoing legal battles, the US Securities and Exchange Commission (SEC) and Ripple Labs have reached a significant breakthrough. Both parties have agreed to dismiss their respective appeals, signaling an imminent resolution of the case. James Filan, lead counsel for Ripple, announced this development after receiving confirmation from the SEC regarding the status update on the court proceedings. The decision follows a previous joint request in July to halt appeals while exploring potential settlement arrangements. This move stemmed from a motion filed in the Southern District of New York, aimed at re-distributing Ripple’s $125 million fine – proposing $50 million for the SEC and $75 million back to Ripple. Judge Analisa Torres ultimately rejected this proposal. Now, both entities await approval from the Court of Appeals before officially dismissing their appeals.