The United States Securities and Exchange Commission (SEC) has moved to dismiss its high-profile lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
The request comes on the heels of a US judge’s denial of the SEC’s appeal from a July ruling favoring Ripple.
SEC Drops Lawsuit Against Ripple Executives
The legal maneuver began in 2020 when the SEC accused Ripple of gathering over $1.3 billion through an unauthorized digital asset securities offering. However, a landmark ruling in July declared that sales of Ripple’s XRP to the general public were not a security.
This latest development by the SEC to seek a dismissal signifies a major departure from its initial stance. Ripple’s Chief Legal Officer, Stuart Alderoty, said the agency’s move to drop the lawsuit was not a settlement but a “surrender.” This has resonated well with the industry as it may potentially impact the broader regulatory framework surrounding cryptocurrencies.
Ripple CEO Brad Garlinghouse emphasized being “targeted by the SEC in a ruthless attempt to personally ruin [him] and the company so many have worked hard to build for over a decade.” Still, he celebrated “another win” and condemned the SEC for “repeatedly [keeping] its eye off the ball while secretly meeting with the likes of Sam Bankman-Fried.”
The effects of this legal shift were felt in the crypto market. XRP’s price experienced a noticeable uptick of over 6%. Although it slightly retreated
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Author: Bary Rahma
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