The charges that the SEC brought against Brad Garlinghouse and Chris Larsen in 2020 were voluntarily dismissed.
The United States Securities and Exchange Commission (SEC) had sued Ripple CEO Brad Garlinghouse and its executive vice president, Chris Larsen, in December 2020, after accuse both executives of having violated the securities laws in force in the country.
As reported by this medium, the SEC argued that both Garlinghouse and Larsen carried out an unregistered securities offering of $1.300 billion with XRP, the cryptocurrency issued by Ripple and which was not registered with the entity at the time of the offering.
However, it was learned that this week, the SEC decided to dismiss the lawsuit against Ripple executives, dropping charges filed almost 3 years ago.
Stuart Alderoty, Ripple's chief legal officer, called the SEC's recent decision a surrender by the US securities regulator.
Alderoty took the opportunity to highlight the three victories that Ripple has achieved against the SEC this year, consecutively. The first, in July, when Judge Analisa Torres ruled that XRP is not a security. The second, in October, when the judge dismissed the SEC's appeal request in the case against Ripple and his third recent victory.
Brad Garlinghouse also pronounced in this regard, indicating that both he and Larsen were attacked by the SEC in a “ruthless attempt” to ruin their reputation and that of the company for which they have worked so hard.
“Instead of going after the criminals who were stealing client funds on offshore exchanges who 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 with headquarters in the US,” Garlinghouse said in a release.
The price of XRP has reacted positively, registering a rise of more than 10% weekly.
Source: CoinMarketCap
At the time of writing this article, the price of XRP is trading above $0,522 per unit. The market capitalization of the cryptocurrency exceeds $27.900 billion, ranking as the 5th most important cryptocurrency in the entire crypto industry.
On the other hand, the trading volume with XRP remains above $750 million per day, according to data from the cryptoasset price monitoring platform.
Despite the SEC lawsuit, the company continued to build its business and drive innovation, receiving a notable mention on People magazine's list of the 100 most supportive companies in the world.
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