SEC drops charges against Ripple’s Brad Garlinghouse and Chris Larsen
The post SEC drops charges against Ripple’s Brad Garlinghouse and Chris Larsen appeared on BitcoinEthereumNews.com. In a significant development in the ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), all charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen have been dismissed. Stuart Alderoty, Ripple’s Chief Legal Officer, termed this move by the SEC as not just a settlement but a “surrender.” The SEC had previously accused the Ripple executives of being personally liable for the sale of illegal securities in the form of Ripple’s XRP token. The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC. https://t.co/TOsG64ZdEx — Stuart Alderoty (@s_alderoty) October 19, 2023 However, this turn of events doesn’t mark the end of the road for the legal dispute between the two parties. According to a filing on Thursday, the SEC stated, “The SEC and Ripple intend to meet and confer on a potential briefing schedule with respect to the pending issue in the case—what remedies are proper against Ripple for its Section 5 violations with respect to its Institutional Sales of XRP.” Ongoing issues with Ripple’s sales practices Judge Analisa Torres, who presided over the case, previously ruled that some of Ripple’s XRP sales did not violate securities laws. These sales were conducted through a blind bid process. Despite this partial win for the SEC, the agency is now focusing its legal efforts on determining suitable remedies for other Ripple sales considered violations under Section 5. Both parties have agreed to propose a briefing schedule on the matter by November 9, 2023, should they be unable to reach a compromise. The SEC’s earlier efforts to slow down the trial met with failure. The agency was denied its request for an interlocutory…
The post SEC drops charges against Ripple’s Brad Garlinghouse and Chris Larsen appeared on BitcoinEthereumNews.com.
In a significant development in the ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), all charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen have been dismissed. Stuart Alderoty, Ripple’s Chief Legal Officer, termed this move by the SEC as not just a settlement but a “surrender.” The SEC had previously accused the Ripple executives of being personally liable for the sale of illegal securities in the form of Ripple’s XRP token. The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC. https://t.co/TOsG64ZdEx — Stuart Alderoty (@s_alderoty) October 19, 2023 However, this turn of events doesn’t mark the end of the road for the legal dispute between the two parties. According to a filing on Thursday, the SEC stated, “The SEC and Ripple intend to meet and confer on a potential briefing schedule with respect to the pending issue in the case—what remedies are proper against Ripple for its Section 5 violations with respect to its Institutional Sales of XRP.” Ongoing issues with Ripple’s sales practices Judge Analisa Torres, who presided over the case, previously ruled that some of Ripple’s XRP sales did not violate securities laws. These sales were conducted through a blind bid process. Despite this partial win for the SEC, the agency is now focusing its legal efforts on determining suitable remedies for other Ripple sales considered violations under Section 5. Both parties have agreed to propose a briefing schedule on the matter by November 9, 2023, should they be unable to reach a compromise. The SEC’s earlier efforts to slow down the trial met with failure. The agency was denied its request for an interlocutory…
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