Ripple Executives Cleared of SEC Charges
Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, have emerged victorious as they were cleared of all claims brought against them by the US Securities and Exchange Commission (SEC). This marks another win for Ripple in its ongoing battle with the regulatory agency.
The SEC’s Quest Against Crypto Companies
In December 2020, the SEC initiated its crackdown on cryptocurrency companies, with Ripple being its first target. After more than two years of legal back-and-forth, a US judge ruled earlier this year that most of the sales of Ripple’s XRP token did not violate securities laws.
Charges Against Ripple Executives
However, the SEC also accused Garlinghouse and Larsen of orchestrating unregistered security sales. In a surprising turn of events, the regulator voted to dismiss the charges against both executives “with prejudice,” which signifies a complete surrender by the government.
“For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda. Instead of targeting criminals stealing customer funds on offshore exchanges, the SEC went after us and our company. We look forward to closing this chapter once and for all now that the SEC has dropped their absurd theatrics.” – Brad Garlinghouse
XRP Price Surge
Following the news of Garlinghouse and Larsen’s exoneration, Ripple’s native token, XRP, experienced an immediate surge. Its price rose from under $0.5 to above $0.52, reaching a multi-week high. Although it has retraced slightly since then, XRP is still trading 6% higher on the day at over $0.5.
Hot Take: Ripple Executives Cleared of SEC Charges
Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, have emerged victorious as they were cleared of all claims brought against them by the US Securities and Exchange Commission (SEC). This marks another win for Ripple in its ongoing battle with the regulatory agency. The SEC’s decision to dismiss the charges “with prejudice” is a significant blow to their case, highlighting what Ripple perceives as baseless allegations. As a result, Ripple’s native token, XRP, saw a surge in price. While the legal battle may be over for Garlinghouse and Larsen, the implications for the broader crypto industry remain uncertain.
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