In a surprising twist, the US Securities and Exchange Commission (SEC) has dismissed its case against Ripple executives Brad Garlinghouse and Chris Larsen.
The dismissal agreement, reached by both parties, means that the scheduled trial for April next year will no longer proceed. However, it is important to note that while the charges against Garlinghouse and Larsen have been dropped, the SEC has not abandoned the case altogether.
SEC’s Bid For Ripple Appeal Paused
The development came to light when FOX Business journalist Eleanor Terret reported the dismissal, emphasizing that the SEC’s move did not signify the end of the case but rather the withdrawal of charges specifically against Garlinghouse and Larsen.
This revelation sparked confusion among some, prompting questions about the SEC’s intentions and potential appeals.
Terret addressed these queries, clarifying that the SEC could potentially appeal the judge’s decision made on July 13th, which determined that XRP sales on exchanges were not securities.
However, Terret pointed out that the appeal process would only be possible after a final judgment is reached, which may take months to materialize. Consequently, the SEC’s appeal is not expected until next year.
Executives Find Satisfaction In SEC’s Case Dismissal
While Ripple and its executives celebrated the dismissal as a vindication of their position, legal experts and observers weighed in on the implications.
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Author: Ronaldo Marquez
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