In a significant development, Ripple executives Brad Garlinghouse and Chris Larsen have emerged victorious in their legal battle against the U.S. Securities and Exchange Commission (SEC). On Monday, October 23, 2023, U.S. District Judge Analisa Torres dismissed the SEC’s case against them, putting an end to the charges. The dismissal was marked with prejudice, which means that similar allegations cannot be brought against them in the future.The dismissal order specifically applies to the “Institutional Sales” of XRP by the Ripple executives. However, it does not extend the same protection to the categories of “Programmatic Sales” and “Other Distributions.” This strategic move leaves a possibility for the SEC to potentially challenge the legality of these categories in the future if they successfully appeal and reverse the court’s decision.The legal battle began on December 22, 2020, when the SEC accused Garlinghouse and Larsen of selling unregistered XRP to institutional investors. The activities of Ripple’s XRP sales were divided into institutional, programmatic, and other distributions. Judge Torres’s ruling clearly distinguishes between these categories, identifying only institutional sales as violating the law. This ruling led to the scheduled trial on institutional sales, which is now no longer happening due to the SEC’s withdrawal of charges.With the SEC’s case dismissed, attention now turns to what the regulatory body’s next moves might be and the potential for a settlement between Ripple and the SEC. It is important to note that the SEC still has the right to appeal the decision. The market is closely watching these developments, and the broader digital asset ecosystem is anticipating the impact of this landmark dismissal.At the time of reporting, XRP is trading at $0.5426.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Chris Larsen, Brad Garlinghouse |
| Companies | Hodl Law, Ripple, U.S. Securities and Exchange Commission (SEC) |
| Currencies | XRP |
| Securities | None |
