Months after Ripple’s triumph in court against the U.S. Securities and Exchange Commission (SEC), another significant decision has been reached. Today charges against Ripple’s CEO, Brad Garlinghouse, and co-founder Chris Larsen were dropped. Following this decision, XRP’s price experienced a surge, rising from $0.48 to $0.5064. As of 00:00 UTC, XRP is trading at $0.502. In response to the decision, Garlinghouse stated, “Today is a good day.” He continued, “Ripple: 3, SEC: 0.”
Finally, Vindication Feels Good
Garlinghouse pointed out that the SEC had aggressively targeted Larsen and himself in a case that did not involve fraud or false statements. He stated, “While the SEC was meeting secretly with the likes of SBF, they ignored what was happening, failing repeatedly to protect American consumers and businesses. How many millions of taxpayers’ dollars were wasted? Feels good to finally be vindicated.”
This is the SEC’s Surrender
Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized that this is not a settlement but the SEC’s surrender. He commented, “The SEC made a serious mistake by going after Brad and Chris, and now they’ve surrendered by dismissing all charges against our executives. This is not a settlement; this is the SEC’s surrender.”
Recalling the 2021 Event
In December 2021, the SEC filed a lawsuit against Ripple and two of its executives, Brad Garlinghouse and Chris Larsen, alleging that they had sold $2 billion worth of XRP, which the SEC claimed was an unregistered security. The lawsuit, which lasted for nearly two years, resulted in a significant victory for Ripple when, on July 13, the court ruled that XRP’s sales on exchanges did not qualify as investment contracts. This was Ripple’s first victory. Subsequently, on October 3, the court rejected the SEC’s request to appeal the decision. Ripple achieved its third victory today as charges against Ripple executives were dropped.
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