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Ripple co-founder XRP Sec

SEC Drops XRP Lawsuit: Ripple Co-Founder Wants Regulator Held Accountable

Scott Matherson
by Scott Matherson
2 years ago
·
Posted in Ripple, XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On October 19, the US Securities and Exchange Commission (SEC) dismissed all its claims against Ripple’s CEO, Brad Garlinghouse, and Co-founder, Chris Larsen. Following this, Larsen called out the financial regulator, stating why it had to be held accountable for its actions. 

Larsen Calls SEC A Rogue Administrative State

In a post shared on his X (formerly Twitter), Ripple’s co-founder Chris Larsen highlighted how the SEC seemed to have witch-hunted him and Garlinghouse with their baseless claims. He stated that the “rogue administrative state” had to be held accountable for this with an investigation into how the Commission’s “conflict of interest” may have led to those claims. 

Related Reading: France Rumored To Be Adopting XRP For Digital Euro, How Will Price React?

Furthermore, he stated that the Commission also had to be held accountable for the role it played in “actively” demolishing the country’s global standing as the “home for innovation,” with thousands of jobs having to move overseas. 

In its press release, Ripple also noted how the regulatory uncertainty and chaos created by the “SEC’s misguided quest for power” had so far driven crypto innovation offshore. According to the crypto company, nearly 90% of its business is outside the US, with a majority of its workforce also not based in the country.   

While there is no denying the fact that the SEC needs to be held accountable, the latest development represents a resounding victory for Ripple and the crypto industry, by extension. The Commission voluntarily dismissed the claims against Garlinghouse and Larsen with prejudice, meaning they can’t bring such an action against them again. 

Specifically, this means that the SEC has chosen to adopt Judge Analisa Torres’ views that XRP isn’t a security in itself since the dismissal of these “obviates” the need for the scheduled trial. The SEC is now set to focus solely on the institutional sales which Judge Torres ruled were investment contracts. 

A “Surrender” By The SEC

Reacting to the dismissal of the claims against Ripple’s executives, the company’s Chief Legal Officer Stuart Alderoty stated that the SEC made a “serious mistake” by going after Garlingouse and Larsen personally. He further stated that this wasn’t a settlement but a “surrender” by the financial regulator.

Related Reading: XRP Price Decline: Is Ripple Selling Off Tokens?

As to why the SEC might have surrendered, pro-XRP legal expert John Deaton suggested that the ETH Gate saga (most especially Hinman’s speech and emails) could have been a major factor. Speaking during an X Space, he mentioned how Hinman might have been called to testify if the case against Ripple’s executives had gone to trial.

Another pro-XRP legal expert, Fred Rispoli, had previously called it when he stated that the SEC was unlikely to drag Ripple’s executives through a trial, especially considering the fact that Hinman taking the stand could potentially put the SEC’s credibility into question. 

XRP price chart from Tradingview.com (Ripple co-founder SEC)

Token price maintains majority of Thursday's gains | Source: XRPUSD on Tradingview.com
Featured image from BitMex Blog, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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