The SEC says it will drop the lawsuit it filed against Ripple XRP executives, the commission announced on Thursday. In a document sent to New York district judge Analisa Torres, the SEC's Executive Council Member Jorge Tenreiro states that the regulator "will voluntarily dismiss the case."
In a direct response to this filing, Ripple's Chief Legal Officer Stuart Alderoty says that the SEC's decision to stop filing lawsuits is not a compromise, but a surrender. “The SEC made a serious mistake by targeting Brad and Chris personally,” Alderoty says. "And now they've given up, dropping all charges against our executors. This is not a settlement. This is the SEC capitulating."
In the letter, the SEC representative states that the regulator and Ripple officials “wish to meet and discuss a possible briefing schedule.” The SEC is requesting until November 9 to recommend to the court a date for this meeting.
Ripple CEO Responds to SEC Case Drop
Ripple CEO Brad Garlinghouse calls the SEC's decision another victory for Ripple. “Chris and I have been relentlessly targeted for personal destruction by the SEC (in a case that does not involve allegations of deception or deception),” says Garlinghouse.
Garlinghouse adds in the
Previously, the federal court ruled on July 13 that XRP is a legal thing, not a security. Last month, on October 3, another ruling denied the SEC's request for an interlocutory appeal. Now, the regulator's lawsuit against Ripple executives is emerging as one of the latest victories for Ripple and the crypto world.
Other SEC representatives have yet to publicly respond to the case.
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