SEC Drops Charges Against Ripple Executives: A Victory for Crypto
SEC Drops Charges Against Ripple Executives
The U.S. Securities and Exchange Commission (SEC) has officially dropped its charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen. This marks the end of a significant legal battle that began in late 2020, centered around claims that XRP was an unregistered security.
Ripple's Stance on SEC Allegations
Ripple's executives have strongly criticized the SEC, accusing the regulator of having a political agenda. They argue that the SEC targeted their U.S.-based, regulated business, which focuses on blockchain infrastructure for cross-border payments, instead of addressing illegal activities by offshore exchanges. This regulatory pressure forced Ripple to move approximately 90% of its business operations and many of its Q3 2023 hirings offshore.
A Broader Impact on the Crypto Industry
Chris Larsen, Ripple's Executive Chairman, views the case dismissal as a victory against efforts to suppress cryptocurrency innovation in the United States. He suggests that the lawsuit was influenced by politically connected special interests. The SEC has also pursued actions against other major crypto entities, such as Coinbase and Binance, citing issues like unregistered securities and serious regulatory violations.
Ripple's Legal Outcome and Market Reaction
The SEC proposed dismissing the case against Ripple's top executives and aims to negotiate remedies for Ripple's unregistered institutional XRP sales. Initially accused of misleading investors with over $1 billion in sales, the verdict clarified that these were not securities offerings. Following the decision, XRP's value experienced a 6% increase, reflecting market approval of the outcome.
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