SEC Drops Lawsuit Against Ripple Executives, Victory for XRP Creators
The U.S. Securities and Exchange Commission (SEC) has dropped its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
The SEC accused the executives of aiding Ripple Labs Inc. in violating the sale of XRP in ‘Institutional Sales.’ The legal filing confirmed the dismissal of all claims against Garlinghouse and Larsen with prejudice and without costs. Ripple’s chief legal officer characterized this as a significant victory and emphasized that it wasn’t a settlement but a surrender by the SEC.
Earlier, SEC Chairman Gary Gensler expressed his disappointment with the XRP ruling regarding retail investors, but Judge Analisa Torres rejected the regulator’s bid to appeal her ruling. Ripple’s CEO, Brad Garlinghouse, commented on the case, highlighting that the SEC targeted them in an attempt to personally ruin him and the company. He also criticized the SEC for failing to protect U.S. consumers and businesses effectively. Ripple’s chief legal officer noted that this dismissal marked a significant win for Ripple, following a series of favorable rulings related to the XRP case.
Clever Robot News Desk 23rd October 2023
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