SEC drops lawsuit, XRP surges nearly 10%, Ripple CEO: We've secured three consecutive victories
With both parties agreeing to dismiss the case, the SEC has dropped charges against two top executives at Ripple. The SEC has faced repeated setbacks in the legal battle with Ripple, with Ripple's CEO claiming a three-time victory and criticizing the SEC for wasting taxpayers' money.
Table of Contents
SEC Settlement, Ripple Wins Lawsuit
Ripple's General Counsel Stuart Alderoty tweeted that the SEC made serious mistakes in its accusations against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
Now the SEC has withdrawn its lawsuit against the two individuals. Stuart Alderoty sees this not as a settlement but as a complete surrender by the SEC, marking the third defeat for the SEC in the related litigation:
July 13: Ripple wins? SEC hits a wall! XRP deemed not a security but an investment contract. Is this a regulatory victory for the crypto industry?
October 3: SEC's appeal in Ripple case dismissed, Ripple (XRP) struggles to rally, back to pre-victory levels
Now: SEC drops charges against Ripple's top executives involving illegal securities issuance, aiding and abetting Ripple in violating certain regulatory laws
Note: According to the first point, the judge initially ruled that Ripple's coin sales to institutional investors constituted securities sales, and Ripple still needs to remedy these actions.
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. https://t.co/TOsG64ZdEx
— Stuart Alderoty (@s_alderoty) October 19, 2023
Ripple CEO: How Much Taxpayer Money Will SEC Waste?
Ripple CEO Brad Garlinghouse tweeted:
Ripple vs. SEC is 3:0. Chris Larsen and I were the SEC's targets, relentlessly trying to destroy a company that so many have worked hard to build over the past decade. They repeatedly failed to understand regulatory priorities, engaging in secret meetings with entities like SBF, failing time and time again to protect American consumers and businesses. How much taxpayer money has been wasted? It feels good to finally be vindicated.
Today was an even better day.
Ripple: 3
SEC: 0In 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… https://t.co/YsQxewFnj9
— Brad Garlinghouse (@bgarlinghouse) October 19, 2023
XRP Rises by 7%
With the SEC dropping the lawsuit and abandoning the charges against Ripple's top executives, the lawsuit scheduled for April 2024 in the Southern District of New York is expected to be dismissed.
In the past 24 hours, XRP has risen by 7.17%, with the increase briefly exceeding 10%, rising from a low of $0.47 to $0.51.
Related
- The Japanese Liberal Democratic Party suffered a devastating defeat in the Lower House election, leading to the depreciation of the Japanese Yen to a three-year low.
- Single bet of nearly $30 million placed on Trump winning the election, Polymarket reveals the whale to be a French trader
- Legislator Ke Jung-Chun closely monitors the progress of the special law on virtual assets, Central Bank: Bitcoin is not currently considered foreign exchange reserves.