PANews reported on August 8th that, according to The Block, a significant legal battle in the crypto industry appears to be nearing its end. The U.S. Securities and Exchange Commission (SEC) and Ripple Labs' lawyers jointly agreed to withdraw their appeal in the Second Circuit Court of Appeals. The joint motion for dismissal, filed Thursday, indicates that each party will bear its own costs. Previously, Ripple Labs CEO Brad Garlinghouse announced in June that the company intended to withdraw its cross-appeal, stating that it would "turn the page and focus on building the Internet of Value." Now that both parties have abandoned their appeals, Judge Analisa Torres's mixed ruling in 2023 will be final. The ruling determined that Ripple Labs' sales of hundreds of millions of dollars in XRP to institutional investors constituted illegal securities sales, but sided with Ripple Labs on the issue of "dark bid" sales to retail investors.