US SEC Suffers Third Consecutive Loss as It Dropped Charges Against Ripple Executives

US SEC Suffers Third Consecutive Loss as It Dropped Charges Against Ripple Executives
Ripple CEO Brad Garlinghouse

Ripple announced that the US Securities and Exchange Commission (SEC) had dismissed the charges against Ripple CEO Brad Garlinghouse and co-founder and Executive Chairman Chris Larsen. A trial originally scheduled for April 2024 is also canceled.

"This is not a settlement. This is a surrender by the SEC," said Ripple CLO Stuart Alderoty, adding that this was the third consecutive win for Ripple against the SEC. The first win was in July when Judge Analisa Torres ruled that Ripple's programmatic sales and other distributions of $XRP did not constitute offers and sales of securities, and the second was in early October when Judge Torres denied the SEC's bid for an interlocutory appeal against the decision above.

Ripple CEO Garlinghouse celebrated his victory on X, saying, "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 $ were wasted?! "Feels good to finally be vindicated."

It's worth noting that the SEC's charges related to the offer and sale of $XRP still exist. As the trial is canceled, the SEC may appeal the decision on the programmatic sales and other distributions of $XRP.

According to TokenInsight data, the price of $XRP went up by 7.22% over the last 24 hours, trading at $0.518122 now.

To learn more about the Ripple case, please visit: Ripple vs SEC

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