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XRP jumps 7% after SEC drops charges against Ripple executives Garlinghouse and Larsen
Securities and Exchange Commission dropped a lawsuit against two executives from Ripple Labs, a crypto company with close ties to the token.
The coin saw its biggest single-day gain in three months following the news on Thursday, which sent it to a high of about 52 cents, up from 47 cents earlier in the day. The coin was still up more than 7% over 24 hours, at 51 cents, as of Friday, according to
The momentous gains came after the SEC dropped civil charges against Ripple executives Christian Larsen and Brad Garlinghouse. The agency had alleged that the pair misled investors related to the sale of more than $1 billion in XRP tokens, which it claimed were unregistered securities.
In July, a federal judge gave Ripple a partial victory by ruling that the sale of XRP on exchanges, mostly to individual investors, did not constitute a security. The SEC had looked to quickly appeal the decision, but that option was blocked by a judge. Because the regulator eventually dropped the charges, Garlinghouse and Larsen will avoid a jury trial that had been scheduled for 2024.
Read More: https://fortune.com/crypto/2023/10/20/xrp-ripple-sec-drops-charges-garlinghouse-larsen/
Securities and Exchange Commission dropped a lawsuit against two executives from Ripple Labs, a crypto company with close ties to the token.
The coin saw its biggest single-day gain in three months following the news on Thursday, which sent it to a high of about 52 cents, up from 47 cents earlier in the day. The coin was still up more than 7% over 24 hours, at 51 cents, as of Friday, according to
The momentous gains came after the SEC dropped civil charges against Ripple executives Christian Larsen and Brad Garlinghouse. The agency had alleged that the pair misled investors related to the sale of more than $1 billion in XRP tokens, which it claimed were unregistered securities.
In July, a federal judge gave Ripple a partial victory by ruling that the sale of XRP on exchanges, mostly to individual investors, did not constitute a security. The SEC had looked to quickly appeal the decision, but that option was blocked by a judge. Because the regulator eventually dropped the charges, Garlinghouse and Larsen will avoid a jury trial that had been scheduled for 2024.
Read More: https://fortune.com/crypto/2023/10/20/xrp-ripple-sec-drops-charges-garlinghouse-larsen/
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