In Landmark SEC Surrender, Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen Are Cleared Of All Baseless Allegations
The post In Landmark SEC Surrender, Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen Are Cleared Of All Baseless Allegations appeared on BitcoinEthereumNews.com.
Today’s Decision Is Another Victory For Ripple After Three Years Of Misguided SEC Scrutiny SAN FRANCISCO–(BUSINESS WIRE)–Ripple, the leader in enterprise blockchain and crypto solutions, announced today that CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all claims brought against them by the U.S. Securities and Exchange Commission (SEC). The SEC voted to dismiss charges with prejudice – a stunning capitulation by the government. This victory is the third consecutive triumph for Garlinghouse, Larsen, and Ripple, coming on the heels of the July 2023 ruling that declared “XRP is not, in and of itself a security” and a subsequent October decision to deny the SEC’s request for an interlocutory appeal. “For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda,” said Ripple CEO Brad Garlinghouse. “Instead of looking for the criminals stealing customer funds on offshore exchanges that were courting political favor, 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 U.S. We look forward to the day this chapter is closed once and for all, now that the SEC has dropped the curtain on their absurd theatrics against Chris and me.” On December 22, 2020, days before Christmas and as the then SEC leadership was walking out the revolving door to take lucrative jobs in the private sector, the SEC filed a civil action against Ripple and two of its executives, alleging that beginning in 2013, distributions of the digital asset XRP should have been registered as a security. There were no allegations of fraud or any misrepresentations. In July 2023, the Court delivered a victory to Ripple, ruling that XRP is not a security. The…
Filed under: News - @ October 20, 2023 9:20 am