Ripple, a blockchain pioneer, announced on Friday that its CEO Brad Garlinghouse and Chairman Chris Larsen have been exonerated from all SEC charges. This marks the company's third legal victory, following a significant ruling in July 2023 that "XRP is not a security" and an October verdict denying the SEC's interim appeal attempt. Despite the conclusion of the lawsuit, Ripple plans to continue with institutional sales of its XRP Coin.
On Thursday, October 19, 2023, Ripple won a key legal battle against the U.S. Securities and Exchange Commission (SEC) over alleged securities law violations. This string of successful legal battles has allowed XRP Coin to reach its $0.52 limit.
Meanwhile, LBRY, the creator of Odysee, announced its closure due to debts to various parties including the SEC. Despite a penalty reduction to $130K, LBRY decided against appealing. The closure of LBRY, which had a market cap of $5.5 million, sparked criticism from crypto influencers Ashley Prosper and Slorg, as well as Pro-XRP lawyer John Deaton. They criticized the SEC's heavy-handed approach towards smaller entities like LBRY while failing to prevent larger failures like FTX.
Fox News journalist Eleanor Terrett noted that despite Ripple's victory and a market cap of $27 billion, its litigation isn't over due to its $700M+ institutional sales and pending Section 5 violations. The SEC has requested a schedule for further litigation until November 9, 2023.
Garlinghouse and Larsen openly criticized the SEC for what they perceived as political motives behind their charges. However, Ripple's successful legal journey continues to impact its business positively and enabled XRP Coin to hit its price limit.
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