SEC Dismisses Lawsuit Against Ripple Execs in 'Stunning Capitulation'

Brad Garlinghouse and Chris Larsen are no longer facing charges from the U.S. regulator, which is still pursuing Ripple over securities violations.

The United States Securities and Exchange Commission (SEC) voluntarily dismissed charges Thursday against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen, both of whom had been charged alongside the company for allegedly violating securities charges with sales of the XRP token.

Ripple described the decision as a "stunning capitulation" in a press release, while Ripple Chief Legal Officer Stuart Alderoty called it "a surrender by the SEC" in a tweet. The price of XRP is up about 4% since the news broke.

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