Ripple Celebrates As SEC Finally Surrenders
In a historic victory for Ripple, the SEC has officially withdrawn its allegations against the top two executives of the company.
The U.S. Securities and Exchange Commission had accused Chris Larsen, Co-Founder and Executive Chairman of Ripple, and Brad Garlinghouse, the CEO, of assisting the company in violating federal securities laws in connection with XRP transactions.
However, the regulator has chosen to dismiss the case with prejudice, indicating that it cannot bring the same charges again. While the SEC will continue to pursue compensation for damages, this abandoned legal action represents a substantial success for the embattled crypto company.
Brad Garlinghouse expressed his thoughts on the dropped charges, saying that, in his view, he and Chris were singled out by the SEC in a ruthless effort to personally harm both them and the broader crypto industry in general.
The dismissal of these charges marks the third consecutive legal victory for Ripple against the SEC. Back in July, a judge ruled that the SEC had failed to conclusively demonstrate that XRP transactions violated securities laws. Additionally, the appeal made by the SEC to reverse this decision in October was also unsuccessful.
Ripple Chief Legal Officer Stu Alderoty described the actions taken by the regulatory agency as not a settlement but rather a surrender, before further claiming that this abandoned lawsuit stops any chances of a trial happening next year.
In summary, this development is highly significant as not only had the lawsuit been going on for years, but the fact that a crypto firm has actually won against an official governmental institution speaks volumes. Experts believe that the battle is not yet won however, and that the SEC is not going to truly go down without a fight.
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