The United States Securities and Exchange Commission (SEC) voluntarily dismissed charges Thursday against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen, both of whom had been charged alongside the company for allegedly violating securities charges with sales of the XRP token. Ripple described the decision as a “stunning capitulation” in a press release, while Ripple Chief Legal Officer Stuart Alderoty called it “a surrender by the SEC” in a tweet. The price of XRP is up about 4% since the news broke.
This is good news for Ripple, as it could mean that the SEC may be backing away from their strict stance against the company. It remains to be seen how the SEC will approach the issue going forward, but this could be a step in the right direction.
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You can read more about this topic here: Decrypt: SEC Dismisses Lawsuit Against Ripple Execs in ‘Stunning Capitulation’