The SEC has dropped all charges against Ripple's CEO and executive chairman

2023-10-20 08:31:01

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ChainCatcher news, Ripple announced that the U.S. Securities and Exchange Commission (SEC) has dropped all charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen, including the allegations of aiding and abetting the sale of the cryptocurrency XRP.

ChainCatcher previously reported that in mid-July, the U.S. District Court for the Southern District of New York ruled against the SEC's charges against Ripple, stating that XRP itself does not constitute a "contract, transaction, or scheme" that embodies the investment contract requirements of the Howey test, while Ripple's institutional sales of XRP constituted unregistered investment contract offers and sales. In early October, the SEC's appeal request in the Ripple case was denied by a federal judge.

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