Breaking News: SEC Withdraws Charges Against Ripple Founders

In a groundbreaking turn of events, the legal battle initiated by the US Securities and Exchange Commission (SEC) against Ripple founders Brad Garlinghouse and Chris Larsen has been resolved with the dismissal of the case. The decision came as a result of mutual agreement between both parties, rendering the previously scheduled hearing for April next year unnecessary.

Brad Garlinghouse’s Perspective

In response to the case’s dismissal, Ripple CEO Brad Garlinghouse shared his sentiments:

“Today was an even better day. Ripple: 3 SEC: 0.”

Acknowledging the gravity of the situation, Garlinghouse addressed the broader context of the lawsuit, stating, “Chris and I have been targeted by the SEC (in a case that does not involve any allegations of fraud or misrepresentation) in a brutal attempt to personally destroy us and the company that so many people have worked so hard to build for over a decade.”

Furthermore, Garlinghouse raised concerns regarding the SEC’s actions, emphasizing their selective approach in addressing cryptocurrency-related matters. He pointed out that the SEC had “repeatedly looked the other way while secretly meeting with the likes of SBF, and has repeatedly failed to protect U.S. consumers and businesses.”

Garlinghouse also questioned the financial implications of the case, asking, “How many millions of taxpayer dollars were wasted?!” Concluding on a positive note, he expressed his satisfaction in being vindicated.

Chris Larsen’s Perspective

Ripple Chairman Chris Larsen added his perspective on the matter:

“Today, we were legally vindicated and personally vindicated in our fight against a disturbing attempt to abuse the rules to advance a political agenda to destroy cryptocurrencies in America.”

Larsen described the lawsuit as a “malicious attack” that had been flawed from its inception. He further asserted that the actions of the US government leading to this point had raised questions about the case’s origin and motivation. According to him, the case represented an abuse by the administrative state and was driven by politically connected special interest groups with evident conflicts of interest.

Larsen highlighted the personal toll the case had taken on both himself and Garlinghouse, noting the efforts they had invested in building their company over many years.

In the wake of the SEC’s decision to drop the charges against Ripple’s founders, the cryptocurrency community is left to ponder the broader implications of this legal development.