A Major Breakthrough in the Ripple-SEC Legal Battle
In a significant development in the legal battle between Ripple and the SEC, all claims against Ripple officials Brad Garlinghouse and Chris Larsen have been withdrawn by the SEC. This news has been well-received by the crypto community, although some caution that the withdrawal doesn’t guarantee an immediate appeal.
SEC’s Inability to Appeal Immediately
Eleanor Terrett, a correspondent from Fox Business, explained that the SEC cannot file an appeal right away. They must wait for a final judgment, which will only be issued after the penalty phase concludes. This process may take months, potentially delaying any SEC appeal until next year. It is important to note that while charges against Garlinghouse and Larsen have been dropped, the case against Ripple as a whole has not been dismissed.
The Accusations and Trial Schedule
The SEC had accused Garlinghouse and Larsen of assisting Ripple in violating securities laws related to the sale of XRP tokens. The trial for these allegations was originally scheduled for April 23, 2024.
Ripple’s Response and Legal Victories
Stuart Alderoty, Ripple’s Chief Legal Officer, commented on this latest development, stating that the SEC made a grave error by targeting Garlinghouse and Larsen personally. He characterized the SEC’s actions as a surrender rather than a settlement.
Ripple has now achieved its third consecutive legal victory against the SEC. In July, a judge ruled that XRP does not qualify as a security. Additionally, this month, the judge rejected the SEC’s request to appeal that ruling.
Hot Take: Ripple Gains Momentum in Legal Battle Against SEC
Ripple’s recent triumph in the legal battle against the SEC is a significant win for the company. With the withdrawal of charges against its executives and favorable rulings from the court, Ripple has gained momentum and strengthened its position. This outcome has been celebrated by the crypto community, but it remains to be seen how the case will progress in the penalty phase and any potential future appeals by the SEC. Nonetheless, Ripple’s success so far is a positive development for the blockchain payment company.
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