XRP Explodes to 2-Week High Amid Another Victory on the SEC-Ripple Front
Ripple, and in this case, its executives, have notched another notable win against the Securities and Exchange Commission.
This time, the company’s CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – scored the wins, as both were cleared of all claims brought by the SEC.
- The SEC began its quest against crypto companies back in December 2020, and its first victim was the blockchain payment giant Ripple.
- After more than two years of going back and forth, a US judge ruled in favor of Ripple earlier this year that most of the sales of the XRP token did not constitute unregistered security offerings.
- However, the agency also brought charges against the firm’s top execs – Garlinghouse and Larsen – for orchestrating the alleged unregistered security sales.
- Ripple announced late on Thursday that both executives were “cleared of all claims brought against them by the US Securities and Exchange Commission,” as the regulator “voted to dismiss charges with prejudice – a stunning capitulation by the government.”
“For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda. 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.” – Commented Garlinghouse.
- The protocol’s native token reacted with an immediate surge that pushed it from under $0.5 to a multi-week peak at above $0.52 earlier today. Despite losing some ground since then, XRP still trades 6% up on the day at over $0.5.
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