Ripple, a blockchain payment giant, has secured another significant victory against the Securities and Exchange Commission (SEC). This time, Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, have been cleared of all claims brought against them by the SEC. The SEC initially targeted crypto companies in December 2020, and Ripple became its first victim. However, earlier this year, a US judge ruled in favor of Ripple, stating that most of the sales of its native token, XRP, did not involve unregistered security offerings. Despite this ruling, the SEC continued to charge Garlinghouse and Larsen for their alleged involvement in these unregistered security sales. In a surprising turn of events, the SEC voted to dismiss all charges against both executives, marking a significant capitulation by the government.
In response to the news, XRP experienced an immediate surge in value, rising from under $0.5 to a multi-week peak above $0.52. Although its price has since retreated slightly, XRP is still trading 6% higher on the day, surpassing the $0.5 mark. Ripple’s executives expressed their relief at being cleared of the baseless allegations brought against them, criticizing the SEC for going after them and their company instead of targeting criminals involved in offshore exchanges. Garlinghouse emphasized the importance of closing this chapter, stating that the SEC’s theatrics against him and Larsen had come to an end. This latest victory for Ripple strengthens its position in the ongoing legal battle with the SEC.
#Ripple #SEC #crypto #XRP #cryptoindustry #blockchain #cryptonews #cryptocurrency
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