The US Securities and Exchange Commission (SEC) has cleared the names of two top Ripple executives, Brad Garlinghouse and Chris Larsen, from all the charges brought against them in the lawsuit that alleged that XRP was unregistered securities.
Announced yesterday (Thursday), the securities market regulator voted to dismiss the charges in prejudice.
The SEC brought the charges against Ripple, CEO Garlinghouse and Executive Chairman Larsen, in late 2020. After a lengthy legal battle, a US court favored the blockchain firm last July. Although the SEC appealed against the decision, the court turned it down again earlier this month.
“For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda,” said Garlinghouse. “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 US.”
SEC’s Actions Pushed the Firm Offshore
Ripple is headquartered in San Francisco and has developed a blockchain -based infrastructure for cross-border payments. It has partnered with dozens of banks and major corporations to provide its products and services.
Despite being established in the US, the company has an extensive presence…
