The United States Securities and Exchange Commission (SEC) has dropped its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. This decision comes after a judge denied the SEC’s appeal from a ruling in favor of Ripple in July. The SEC had initially accused Ripple of conducting an unauthorized digital asset securities offering and gathering over $1.3 billion. However, a landmark ruling in July stated that the sales of Ripple’s XRP to the general public were not considered securities.
Ripple’s Chief Legal Officer, Stuart Alderoty, described the SEC’s move to dismiss the lawsuit as a “surrender” rather than a settlement. This decision by the SEC marks a significant shift from its initial stance and could potentially impact the broader regulatory framework for cryptocurrencies. Ripple CEO Brad Garlinghouse expressed his relief at the dismissal of the lawsuit, emphasizing that he and the company were targeted by the SEC in an attempt to ruin them. The positive market response to this legal development was evident in XRP’s price, which experienced a noticeable uptick of over 6%.
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