Ethereum

April

The lawsuit's basis was the SEC's claim that Ripple Labs and <a href="https://financefeeds.com/ripple-cfo-kristina-campbell-quits-amid-legal-victories/">its leaders</a> had engaged in the unregistered offer and sale of securities, specifically through their cryptocurrency, XRP. The SEC went further to accuse both Garlinghouse and Larsen of individual unregistered XRP sales and aiding the company's alleged violations. 
Earlier in July, Judge Analisa Torres, presiding over the U.S. District Court of the Southern District of New York, denied the SEC's motion for summary judgment against the two Ripple executives. Fast forward to now, and the SEC has agreed to a stipulated dismissal with prejudice against them, although the core case against Ripple Labs will continue. 
This legal pivot had a noticeable effect on the crypto market. XRP, Ripple's native token, surged by over 7% in the past 24 hours, bringing its year-to-date increase to a substantial 52%. Bitcoin and Ethereum also witnessed bumps in their values - 5.6% and 4.2% respectively. 
Ripple’s chief legal officer, Stuart Alderoty, didn't mince words, labelling the SEC’s move not as a settlement, but a "surrender." <a href="https://financefeeds.com/ripple-backs-out-of-fortress-trust-acquisition/">CEO Brad Garlinghouse</a> expressed a sense of personal vindication, implying that the SEC had unjustly sought to damage both his and Larsen's reputations, along with that of Ripple. 
“Chris and I have been dealing with unfounded allegations from a regulator with what we perceive as a political agenda for nearly three years. Instead of focusing on pursuing those responsible for illicit activities involving customer funds on offshore exchanges, which were seeking political support, the SEC chose to target individuals they consider to be on the right side of the law,” Garlinghouse further stated. 
Yet, the dismissal of charges against the two execs doesn't signal an end to Ripple's legal battles. Katherine Kirkpatrick, Cboe Digital’s chief legal officer, suggested this could indicate the SEC's plans to appeal the court's decision on whether XRP is classified as a security. This appeal, if pursued, would typically happen post-trial. 
With the SEC's decision to back off from Garlinghouse and Larsen before their trial in April 2024, the crypto community is left with questions about the regulator's strategies and intentions. However, <a href="https://financefeeds.com/court-tosses-secs-appeal-to-undo-ripple-xrp-ruling/">Ripple's journey</a> in court isn't over, as the SEC's eyes remain firmly set on the company's alleged securities violations.

XRP up +50% YTD as SEC drops charges against founders

FinanceFeeds

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