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 XRP surged more than 8% after the Securities and Exchange Commission (SEC) dropped charges a<a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a>t two top Ripple executives in what they called a ”stunning capitulation” by the regulator.
 The SEC said on Oct. 19 that it is dismissing its lawsuit a<a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a>t Ripple CEO Brad Garlinghouse and co-founder Chris Larsen over their alleged involvement in the illegal sale of securities.
 Ripple called the SEC’s decision a ”landmark surrender” and said it is a third consecutive victory over the regulator after a July ruling that declared its XRP token is not a security when sold to the public and an October decision to deny the SEC’s request to appeal that ruling.
 “For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda,” Garlinghouse said. “Instead of looking for the criminals stealing customer funds on offshore exchanges that were courting political favour, the SEC went after the good guys – along with our entire company of innovators and entrepreneurs – who are building a regulated business based in the US.”&nbsp;
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Today was an even better day. Ripple: 3 SEC: 0
 In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to personally ruin us and the company so many have worked hard to build for over a… https://t.co/YsQxewFnj9
 — Brad Garlinghouse (@bgarlinghouse) October 19, 2023
 </blockquote>
 
 <h3 id="xrp-records-biggest-single-day-gain-in-three-months">XRP Records Biggest Single-Day Gain In Three Months</h3>
 XRP pared some <a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a> after recording its biggest single one-day advance in three months after the news broke yesterday. It traded at $5.185 at 10:11am ET, up 7.3% in the past 24 hours. XRP is the world’s fifth-largest digital token with a market cap of $27.6 billion.
 The SEC is not dropping its case a<a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a>t Ripple though, and said it will confer with the company on the pending issue in the case, ”What remedies are proper a<a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a>t Ripple for its Section 5 violations with respect to its Institutional Sales of XRP.”
 It said the two parties requested until November 9 to propose a schedule to the Court on the matter, and if there is no agreement to then seek a briefing schedule from the Court on a contested basis.
 Judge Analisa Torres&nbsp; gave Ripple a partial victory in the case against the SEC in July, concluding that XRP is not a security when sold to the public. But she also ruled that XRP is a security when sold to institutional investors.
 The lawsuit was brought against Ripple and its executives in December 2020, when they were accused of selling unregistered securities to generate a profit of more than $1.3 billion.
 The SEC has adopted a tough stance a<a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a>t the crypto industry this year, prompting critics to accuse it of using a regulation-by-enforcement strategy.&nbsp;The industry has accused the SEC of overreaching.&nbsp;
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 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/xrp-soars-as-sec-s-stunning-capitulation-sees-it-drop-case-against-ripple-s-garlinghouse-larsen-tbt67153.html">https://thebittimes.com/xrp-soars-as-sec-s-stunning-capitulation-sees-it-drop-case-against-ripple-s-garlinghouse-larsen-tbt67153.html</a>
</div>

XRP Soars As SEC’s ”Stunning Capitulation” Sees It Drop Case Against Ripple’s Garlinghouse, Larsen

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