{"id":449848,"date":"2023-10-20T14:32:48","date_gmt":"2023-10-20T14:32:48","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=449848"},"modified":"2023-10-20T14:34:03","modified_gmt":"2023-10-20T14:34:03","slug":"xrp-soars-as-secs-stunning-capitulation-sees-it-drops-case-against-ripples-garlinghouse-larsen","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/xrp-soars-as-secs-stunning-capitulation-sees-it-drops-case-against-ripples-garlinghouse-larsen","title":{"rendered":"XRP Soars As SEC’s ”Stunning Capitulation” Sees It Drop Case Against Ripple’s Garlinghouse, Larsen"},"content":{"rendered":"

XRP surged more than 8% after the Securities and Exchange Commission (SEC) dropped charges against two top Ripple executives in what they called a ”stunning capitulation” by the regulator.<\/span><\/p>\n

The SEC said<\/a> on Oct. 19 that it is dismissing its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen over their alleged involvement in the illegal sale of securities.<\/p>\n

Ripple called<\/a> the SEC’s decision a ”landmark surrender” and said it is a third consecutive victory over the regulator after a July ruling that declared its XRP token is not a security when sold to the public and an October decision to deny the SEC’s request to appeal<\/a> that ruling.<\/span><\/p>\n

“For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda,” Garlinghouse said. <\/span>“Instead of looking for the criminals stealing customer funds on offshore exchanges that were courting political favour, 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 US.” <\/span><\/p>\n

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Today was an even better day.
Ripple: 3
SEC: 0<\/p>\n

In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to personally ruin us and the company so many have worked hard to build for over a… https:\/\/t.co\/YsQxewFnj9<\/a><\/p>\n

— Brad Garlinghouse (@bgarlinghouse) October 19, 2023<\/a><\/p><\/blockquote>\n