The United States Securities and Exchange Commission (SEC) voluntarily dismissed charges Thursday against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen, both of whom had been charged alongside the company for allegedly violating securities laws with sales of the XRP token.

Ripple described the decision as a “stunning capitulation” in a press release, while Ripple Chief Legal Officer Stuart Alderoty called it “a surrender by the SEC” in a tweet. The price of XRP is up about 5% today, with most of that upward action coming after the news broke.

Garlinghouse and Larsen were first charged in late 2020, along with Ripple, for allegedly violating securities laws by offering and distributing the cryptocurrency XRP. In July, a federal judge ruled that the XRP token “is not necessarily a security on its face,” and that Ripple’s programmatic sales of XRP on exchanges were not securities offerings, in a major victory for the crypto company. Earlier this month, the SEC failed to convince the same judge that the ruling should be overturne

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Author: Sander Lutz

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