- The U.S. SEC dropped all charges against the Ripple CEO and the co-founder.
- Ripple’s CEO expressed jubilation on Twitter, thanking his legal team.
- He emphasized Ripple’s legal victories with the scorecard “Ripple: 3 SEC: 0.”
Ripple CEO Brad Garlinghouse took to X (formerly Twitter) to express his jubilation after the U.S. Securities and Exchange Commission (SEC) dropped all charges against him and Chris Larsen, the company’s co-founder.
In a Twitter thread, Garlinghouse thanked his legal team and called the SEC’s decision a “surrender.” He said it felt good to be vindicated after being “ruthlessly” targeted for personal ruin.
The tweet thread opened with a resounding scorecard: “Ripple: 3 SEC: 0,” a clear nod to the legal victories secured by Ripple and its executives. Garlinghouse went on to emphasize that this legal battle was devoid of any claims of fraud or misrepresentations.
In a critical analysis of the SEC’s actions, Garlinghouse accused the regulatory body of failing to protect U.S. consumers and businesses, alleging secretive meetings with influential figures such as Sam Bankman-Fried.
Garlinghouse concluded his tweet thread with a heartfelt expression of gratitude towards his legal team, hailing their “leadership, wisdom, and friendship.” He made special mention of Stuart Alderoty, Deborah McCrimmon from Ripple, and Matt Solomon from Cleary Gottlieb, underscoring their instrumental role in this legal battle’s conclusion.
Garlinghouse’s tweet was in response to a tweet by Ripple chief legal officer Stuart Alderoty, who called the SEC’s move “a serious mistake” and “not a settlement.” He said the agency had “capitulated” by dropping the charges.
In July, the federal judge overseeing the case rejected the SEC’s argument that all Ripple XRP sales were unlawful securities offerings. For Ripple, the dismissed charges represent a significant victory.
With the aiding and abetting charges dropped, the executives seem confident they will prevail against the remaining allegations as well.
Ripple and the SEC have battled since 2020 over whether XRP should be considered an unregistered security. Following the news, the price of XRP witnessed an uptick of 6% alongside the whole cryptocurrency market.
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