The SEC Dismisses Case Against Ripple Executives
In a surprising turn of events, the US Securities and Exchange Commission (SEC) has dropped its case against Ripple executives Brad Garlinghouse and Chris Larsen. This means that the scheduled trial for April next year will no longer take place. However, it’s important to note that while the charges against Garlinghouse and Larsen have been dismissed, the SEC has not completely abandoned the case.
SEC’s Bid for Ripple Appeal Paused
FOX Business journalist Eleanor Terret revealed the dismissal of charges, clarifying that this doesn’t signal the end of the case but rather the withdrawal of charges specifically against Garlinghouse and Larsen. Some confusion arose regarding the SEC’s intentions and potential appeals. Terret addressed these concerns by explaining that the SEC could potentially appeal the judge’s decision from July 13th, which stated that XRP sales on exchanges were not securities. However, an appeal can only occur after a final judgment is reached, which may take months.
Executives Welcome Case Dismissal
Ripple and its executives view the dismissal as a validation of their position. Ripple’s Chief Legal Officer (CLO) Stuart Alderoty expressed satisfaction with the SEC’s decision, considering it a surrender by the regulatory agency. Alderoty emphasized that this marks Ripple’s third consecutive victory, following the July 13th ruling and the denial of the SEC’s bid for an interlocutory appeal on October 3rd. Pro-XRP lawyer Jeremy Hogan suggested that this dismissal increases the likelihood of a comprehensive settlement between Ripple and the SEC.
Implications and Expectations
The ongoing developments in the Ripple-SEC case have garnered significant attention from both the cryptocurrency community and beyond. The dismissal of charges against Garlinghouse and Larsen presents an opportunity for potential settlement negotiations. However, the SEC’s appeal and the timing of the final judgment are important factors to monitor in the coming months. Stakeholders eagerly await further updates and resolution to gain clarity on the regulatory status of XRP and its impact on the broader cryptocurrency industry.
Hot Take: XRP Experiences Price Surge
Following the significant news of the case dismissal, XRP has seen a notable 6.9% increase in value over the past 24 hours. It is currently trading at $0.5192. This positive development has positively impacted both XRP’s price and its overall gains across different time periods.
Featured image from Shutterstock, chart from TradingView.com
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