The U.S. Securities and Exchange Commission (SEC) has dropped all charges against Ripple Labs’ Chief Executive Officer Brad Garlinghouse and Executive Chairman Chris Larsen, as stated in an Oct. 19 court filing.
Read more: XRP triumphs over SEC, but crypto clarity remains in the shadows
Fast Facts:
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The filing on Thursday revealed that the parties have mutually agreed to dismiss the aiding and abetting charges with prejudice, preventing the charges from being filed again.
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In July, Judge Torres concluded that Ripple Labs’ sales of XRP tokens to retail investors did not meet the definition of financial securities. The judge granted the SEC permission to file an interlocutory appeal until Aug. 18. Interlocutory appeals are only allowed in specific circumstances and occur before all claims are resolved.
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Earlier this month, Judge Analisa Tores denied the SEC’s interlocutory motion to overturn her ruling.
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In December 2020, the SEC filed a lawsuit against Ripple Labs and its executives, accusing them of conducting an unregistered securities offering through the sale of XRP.
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The XRP token saw a 6.49% increase in the 24 hours leading up to 4:50 p.m. in Hong Kong, trading at US$0.512, according to CoinMarketCap.
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