The SEC vs Ripple case has taken a massive turn, with the latter registering another win. Brad Garlinghouse, the Ripple CEO, announced that the SEC has dropped all lawsuit charges against Ripple.
The news quickly helped XRP jump 13% in market value. The crypto is currently trading at 0,5126 dollars, with a 7% surge in the past 24 hours. A few weeks back, a federal judge’s ruling to reject the US Securities and Exchange Commission’s claim of losses against Ripple led to a 5% decline in XRP’s price.
With the latest development, the SEC (US Securities and Exchange Commission) will no longer pursue claims against Ripple. The commission had claimed that Ripple’s CEO and Executive Chairman helped Ripple violate federal securities laws in XRP transactions.
Now, the SEC has dropped the charges, canceling a trial set for 2024. The development marks another milestone for the crypto company in the long-running suit. After a filing on Thursday, both parties agreed to dismiss the abetting and aiding charges against the two executives.
Since the charges are dropped with prejudice, they cannot be filed again. However, the SEC will continue to pursue its claim against Ripple.
As expected, Brad Garlinghouse commented on the latest news. The Ripple CEO stated that Chris and Brad have been subjected to baseless allegations for the past three years.
According to Brad, the rogue regulator had political agendas and focused on Ripple instead of catching criminals attacking customer funds across offshore exchanges.
Ripple secured its first significant win back in July after the judge overseeing the suit announced that Ripple hasn’t breached any federal securities law while making XRP available to retail investors.
However, Judge Analisa Torres also stated that the company has breached laws while selling XRP directly to institutional investors.
Based on the latest filing, it appears like Ripple and the SEC will continue discussing the latter ruling. The parties will discuss the matter of the Section 5 violations as per the filing.
The SEC has refused to release any comments on the situation for now.