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The U.S. Securities and Exchange Commission (SEC) and Ripple jointly withdrew their appeal on August 7, ending a lawsuit that had been ongoing since 2020, which accused Ripple of financing $1.3 billion through the sale of XRP as an unregistered security. The market is following whether this move will encourage large institutions to apply for a Spot XRP ETF, but the world's largest asset management company, BlackRock, stated that there are currently no plans to apply for an XRP or SOL ETF.