The US Securities and Exchange Commission (SEC) voluntarily dropped charges against Ripple CEO Brad Garlinghouse and company co-founder Chris Larsen, causing the XRP price to rise to $0.5309.

In a letter to Judge Analisa Torres, the agency notified the court that it is ready to withdraw pending lawsuits against Ripple executives Brad Garlinghouse and Chairman Chris Larsen. At the end of 2020, the regulator accused Ripple and its executives of violating securities laws by selling XRP coins to institutional clients. The SEC will meet with Garlinghouse and Larsen to discuss further remedies related to Ripple’s violation of Section 5 of XRP Institutional Sales. Ripple Labs General Counsel Stuart Alderoty called the SEC’s actions a capitulation.

“The SEC made a grave mistake in targeting Brad and Chris personally, and the SEC has now capitulated by dropping all charges against our executives. This is not a settlement of the claim. This is capitulation on the part of the SEC.” wrote lawyer on social network X.

Garlinghouse also commented on the situation, writing that he and Larsen were being targeted by the SEC. The Commission has been relentless in its efforts to destroy the company they have been working hard to develop for over a decade. As Garlinghouse put it, the SEC has repeatedly failed to protect American consumers by secretly meeting with people like the former CEO of the bankrupt FTX exchange, Sam Bankman-Fried.

It is unclear what prompted the SEC to drop the charges against Garlinghouse and Larsen. The move may have been prompted by the SEC’s recent string of legal losses against Ripple. In July, a federal court ruled that XRP sold on the secondary market did not constitute securities, a major victory for Ripple. Additionally, in October the court rejected the SEC’s request to appeal the decision.