The SEC Has Decided To Drop Its Lawsuit Against The Executives of Ripple XRP

My1sttoday Tech — The SEC has decided to drop its lawsuit against the executives of Ripple XRP.

The SEC announced on Thursday that it will drop its lawsuit against Ripple XRP executives. In a document sent to New York district judge Analisa Torres, Jorge Tenreiro, an SEC enforcement councilman, stated that the regulator is “voluntarily dismissing the case.”

In response to this development, Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized that the SEC’s decision to drop the lawsuit is not a settlement but a surrender. He expressed that pursuing Brad and Chris personally was a mistake by the SEC.

The SEC’s representative mentioned in the letter that both the regulator and Ripple officials plan to discuss a potential briefing schedule. The SEC is seeking until November 9 to propose a meeting date to the court.

The SEC Has Decided to Drop Its Lawsuit Against The Executives of Ripple XRP
The Dismissal Letter.

Ripple’s CEO, Brad Garlinghouse, viewed the SEC’s decision as a win for Ripple. He highlighted that the case lacked claims of fraud or misrepresentations and accused the SEC of targeting them ruthlessly. He also criticized the SEC’s use of taxpayer funds.

It’s worth noting that a federal court previously ruled on July 13 that XRP is not a security. Another decision on October 3 denied the SEC’s appeal. The dismissal of the lawsuit against Ripple’s executives is seen as a significant victory for Ripple and the crypto industry as a whole.

The SEC Has Decided to Drop Its Lawsuit Against The Executives of Ripple XRP
US SEC./Getty Images

As of now, there has been no public response from other SEC representatives regarding the lawsuit’s dismissal.

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