Ripple, the US-based cross-border payment firm, has recorded another major win in the ongoing XRP lawsuit with the United States Securities and Exchange Commission (SEC).
As recently announced via press release by Ripple, CEO Brad Garlinghouse and Executive Chairman Chris Larsen have been cleared of all charges brought against them by the SEC. This is the third consecutive victory for Ripple and its executives following the big win recorded on July 13.
On July 13, Judge Analisa Torres delivered a ruling that declared “XRP is not, in and of itself a security”. Also, the October decision denied the SEC’s request for an interlocutory appeal.
Reacting to the latest victory, Ripple CEO Brad Garlinghouse said, “For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda.
“Instead of looking for the criminals stealing customer funds on offshore exchanges that were courting political favor, the SEC went after the good guys – along with our entire company of innovators and entrepreneurs – who are building a regulated business based in the U.S.
“We look forward to the day this chapter is closed once and for all, now that the SEC has dropped the curtain on their absurd theatrics against Chris and me.”
Similarly, Executive Chairman Chris Larsen said in a statement that they have both been vindicated and redeemed in the long-standing battle. He described the trouble of about three years as an abuse targeted at advancing a political agenda to suffocate crypto in America.
Chris Larsen said, “It is a travesty that we were forced to defend ourselves from an ill-advised attack that was flawed from the day it was filed.”
Larsen said further that although justice has finally prevailed, the action of the regulatory body up to this point raises questions about the origin and motivation behind the lawsuit.
“It is an abuse by the administrative state that politically connected special interests, with clear and proven conflicts of interest, were able to drag our names through the mud in an attempt to ruin us personally and destroy a company so many have worked so hard, for so long to build,” Chris Larsen added.
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