JUST IN: SEC Moves To DROP Charges Against Ripple CEO!

October 19, 2023 8:21 pm Comments

Ripple’s CEO, Brad Garlinghouse, just received some excellent news.

The Securities and Exchange Commission (SEC) has dropped its long-standing lawsuit against Brad Garlinghouse and Chris Larsen, and lawyers for Ripple are calling the decision to terminate the lawsuit a complete capitulation by the government agency.

Brad Garlinghouse celebrated in this recent announcement:

“Today was an even better day. Ripple: 3 SEC: 0. In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to personally ruin us and the company so many have worked hard to build for over a decade.

The SEC repeatedly kept its eye off the ball while secretly meeting with the likes of SBF – failing again and again to protect US consumers & businesses. How many millions of taxpayer [dollars] were wasted?! Feels good to finally be vindicated.”

Ripple’s Chief Legal Officer, Stuart Alderoty, had this to say: “The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC.”

Coin Telegraph didn’t fail to take notice of the latest development:

In an Oct. 19 filing in U.S. District Court for the Southern District of New York, the SEC notified the court the parties involved in its case against Ripple “have stipulated to the dismissal with prejudice”, suggesting there was no need to schedule an upcoming trial.

The filing did not state that the SEC was dropping its civil case against Ripple itself, first filed in 2020.

Ripple attorney James K. Filan presented the corresponding court documents of the SEC capitulation and the dropping of the lawsuit against Brad Garlinghouse and Chris Larsen.

The Block added:

The SEC said it would dismiss its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen over whether they are liable in their involvement in illegal securities sales. XRP rose on the news, climbing 3.7% to $0.51, according to CoinGecko.

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