What Happened: According to the most recent statistics, XRP was trading at $0.51 while BTC, ETH, and DOGE witnessed very small increases over the same 24-hour period of 2.18%, 2.01%, and 0.18%, respectively.
An important breakthrough in the ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC) is responsible for this noteworthy increase in the value of XRP.
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The SEC has made the decision to stop pursuing legal action against Chris Larsen, the executive chairman of Ripple, and Brad Garlinghouse, the company’s CEO.
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Another positive step in Ripple’s protracted legal struggle with the SEC is the cancellation of a trial that was set to begin in the new year as a result of this development. The SEC still plans to take legal action against Ripple, nevertheless.
Why It Matters: According to the parties’ agreement, the aiding and abetting allegations against Garlinghouse and Larsen will be voluntarily dismissed with prejudice, which means they cannot be brought again. The SEC will keep pursuing Ripple-related lawsuits.
“Chris and I have been the target of unfounded accusations from a rogue regulator with a political agenda for almost three years,” Garlinghouse stated. The SEC pursued the good folks rather than the crooks who were pilfering money from customers on offshore exchanges in exchange for political favour.
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This event comes after a partial win for Ripple in July, when a court determined that the company had not broken any federal securities laws by allowing individual investors to purchase XRP through exchanges. But the judge also concluded that by selling XRP directly to institutional investors, the firm had broken federal securities legislation.
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