Ripple Scores "Third Consecutive Victory" as US SEC Drops Lawsuit Against Executives

Ripple sets a milestone as the U.S. SEC drops all lawsuits against its key executives.

This marks Ripple's third consecutive win and paves the way for a brighter future for XRP, as well as a sigh of relief for the crypto community.

All Legal Issues Against CEO and Others Resolved

On October 19, 2023, Ripple announced that the U.S. Securities and Exchange Commission (SEC) has dropped all lawsuits against Ripple's Brad Garlinghouse and Chris Larsen.

Ripple states that "This demonstrates the SEC's surrender," adding, "This win marks the third consecutive victory for Mr. Garlinghouse, Mr. Larsen, and Ripple."

Earlier in July this year, a decision was made that "XRP itself does not qualify as a security."

Moreover, it has been reported that earlier this month, "the SEC's interim appeal against this decision was rejected."

Implications for Upcoming Trials

With the withdrawal of this lawsuit, all legal issues against Garlinghouse and Larsen have been resolved.

Therefore, there is no need to hold any trials that had been scheduled for the near future.

However, discussions continue regarding "direct sales of XRP to institutional investors," which had been ruled as violating securities laws.

Legal documents indicate that "a new schedule will be submitted by November 9, 2023."

CEO Brad Garlinghouse's Official Statement

Brad Garlinghouse, the CEO of Ripple, commented in an official statement as follows.

For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda.

Instead of looking for the criminals stealing customer funds on offshore exchanges that were courting political favor, the SEC went after the good guys - along with our entire company of innovators and entrepreneurs - who are building a regulated business based in the U.S.

We look forward to the day this chapter is closed once and for all, now that the SEC has dropped the curtain on their absurd theatrics against Chris and me.

Following this announcement, the price of the cryptocurrency XRP surged by over 10%, temporarily rising from approximately $0.48 to $0.53.