Ripple, a major player in the blockchain and cryptocurrency industry, has announced the successful dismissal of SEC charges against its top executives, Brad Garlinghouse and Chris Larsen, following a prolonged legal battle that began in December 2020. Brad Garlinghouse criticized the SEC for targeting them, emphasizing their regulated operations within the United States.

The Case’s Timeline

The SEC initiated legal proceedings against Ripple and its senior executives in the latter part of 2020. While fraud allegations were not included, the central issue was whether XRP, Ripple’s digital currency, should have been registered as a security. A pivotal moment came in July 2023 when the court ruled that XRP was not a security, undermining the SEC’s position. Subsequently, in October, a decision rejecting the SEC’s appeal request further weakened their case.

Potential Implications for the Cryptocurrency Sector

The SEC’s tough stance on Ripple has influenced U.S. cryptocurrency regulations. Around 90% of Ripple’s operations now occur outside the U.S. Chris Larsen acknowledges industry-wide concerns and states Ripple’s ongoing commitment to engaging with global regulators for responsible digital asset regulation.