The US Securities and Exchange Commission (U.S. SEC) has decided to drop all charges against Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen. This has caused a spike in the price of XRP, the cryptocurrency associated with Ripple, jumping 6% vs. the previous day.
This wraps up a three-year battle where the U.S. SEC claimed Ripple was wrong in not registering its cryptocurrency, XRP, as a security.
- Back in December 2020, the SEC sued Ripple and its executives, saying since 2013, XRP should have been registered as a security.
- The court sided with Ripple in July 2023; The U.S. SEC tried to challenge this decision but failed.
- With the regulator dropping the remaining charges against the Ripple executives, there would be no trial which was initially set next year.
(Read more: Case Digest: US SEC v. Ripple)
Despite the legal triumph, Larsen expressed discontent over the decision to level charges against them, highlighting that the extended legal skirmish had blemished their reputation.
“It is an abuse by the administrative state that politically connected special interests, with clear and proven conflicts of interest, were able to drag our names through the mud in an attempt to ruin us personally and destroy a company so many have worked so hard, for so long to build.”Chris Larsen, Executive Chairman, Ripple
Ripple, in a press release, said the battle with the U.S. regulator prompted the company to move 90% of its business outside the United States.
XRP Price Today
The news has been welcomed by XRP investors, who saw the price of the cryptocurrency jump 6% at the time this article is being edited.
Despite this, however, the chart shows XRP has yet to return to its peak price at the time of the legal victory last July.
XRP’s all-time high price is $3.40 according to Coingecko.
This article is published on BitPinas: XRP Price Jumps 6% as US SEC Drops Charges Against Ripple Executive
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