US Securities and Exchange Commission (SEC) recalled lawsuit against Ripple CEO Brad Garlinghouse and executive chairman Christian Larsen.
Court papers say the SEC is dropping claims that Garlinghouse and Larsen facilitated sales of the cryptocurrency XRP, which the judge said amounted to unregistered securities sales.
The statement also says that the Commission will continue to consider its claims against Ripple.
Today was an even better day.
Ripple: 3
SEC: 0In 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
Following this news, the XRP token has risen by about 6% over the past 24 hours.
In July, Judge Analisa Torres ruled that the sale of the XRP token through exchanges or through distribution does not constitute an offering of securities.
Source: Cryptocurrency
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