Crypto

SEC plans on dismissing lawsuit against Ripple executives

SEC plans on dismissing lawsuit against Ripple executives

The battle between the SEC and Ripple comes to a surprising conclusion after two years

Attorneys for the US Securities and Exchange Commission (SEC) disclosed that they aim to dismiss all claims against CEO Brad Garlinghouse and executive chair Chris Larsen of cryptocurrency project Ripple. In the filing in the US District Court for the Southern District of New York dated October 19, the SEC informed the court that the parties involved in the case “have stipulated to the dismissal with prejudice,” indicating there’s no need to schedule a trial. The filing did not mention whether the SEC was dismissing its civil case against Ripple that was filed in 2020.

"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—and respectfully request until November 9, 2023, to propose such schedule to the Court or, if the parties cannot agree, to seek a briefing schedule from the Court on a contested basis,"

Ripple chief legal officer Stuart Aldeorty responded to the filing, calling it “a surrender by the SEC” rather than a settlement. Ripple also released a statement calling the SEC’s decision a “stunning capitulation.”

“Chris and I […] 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 decade,” Garlinghouse said in an X (formerly Twitter) post on October 19.

Why the SEC decided to drop the charges after nearly three years is still unclear, with the trial expected to begin in April 2024.

Other pending crypto cases with the SEC include ex-Celsius CEO Alex Mashinsky and FTX CEO Sam Bankman-Fried. The Commission also filed civil suits against crypto exchanges Coinbase and Binance.

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