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Breaking: US SEC drops case against Ripple’s Larsen and Garlinghouse

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SEC “surrenders” as it drops its case against the top two executives of Ripple.
The price of XRP immediately skyrocketed on the back of this news.

In an unexpected move, the United States Securities and Exchanges Commission (SEC) dismissed its case against Ripple’s top executives. The ones in the spotlight today are Brad Garlinghouse – the CEO of Ripple, and Chris Larsen – the co-founder of Ripple.

According to a filed document shared by James K Filan – former Federal Prosecutor, the SEC said,

” (…) the claims alleged by Plaintiff Securities and Exchanges Commission against Defendants Bradley Garlinghouse and Christian A. Larsen, for aiding and abetting Defendant Ripple Labs, Inc.’s (“Ripple”) violations of Sections 5 of Securities Act of 1933 with respect to Ripple’s offers and sales of XRP in “Instituational Sales” (see ECF No. 874), are hereby dismissed in their entirety without costs or fees”

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Ripple celebrates the “surrender”

Speaking about this new turn of events, the Chief Legal Officer of Ripple, Stuart Alderoty — highlighted that this was not a “settlement” but, in fact, a “surrender by the SEC”. He also claimed that suing Garlinghouse and Larsen was “a serious mistake” of the commission, resulting in their capitulation. He further said,

“That’s 3 consecutive wins for Ripple including the July 13 decision ruling that as a matter of law XRP is NOT a security, the Oct 3 decision denying the SEC’s bid for an interlocutory appeal, and now this.”

The news has resulted in the price of XRP skyrocketing in the market. According to CoinMarketCap, Ripple’s XRP was trading at $0.510 with a market cap of over $27 billion. The altcoin’s price registered a growth of over 4% in the past hour, with the past 24

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Author: Priya NV

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