Judge Torres of the U.S. District Court in New York has officially signed an order dismissing the charges brought by the U.S. Securities and Exchange Commission (SEC) against Ripple’s leading figures, Brad Garlinghouse and Christian Larsen. This signature confirms the termination of allegations related to Ripple’s XRP sales practices.
The signed order, dated Oct. 19, puts an end to the SEC’s claims against these executives, with both parties bearing their respective legal costs.
The SEC’s “surrender”
As reported by U.Today, the SEC unexpectedly dismissed charges against the top Ripple bosses earlier this month.
Garlinghouse took to social media to laud the decision and criticize the SEC for its aggressive stance. He bemoaned the SEC’s alleged misuse of taxpayers’ funds.
Despite the celebratory mood, cautionary voices emerged among some of the leading legal experts within the industry. By voluntarily dismissing the case against Ripple’s senior leaders, the SEC may be looking to hasten the appellate process, sidestepping the lengthy trial scheduled for late spring.
Can the SEC still win?
As reported by U.Today, attorney Jeremy Hogan compared the U.S. Securities and Exchange Commission’s (SEC) chance of winning against Ripple to the New York Jets winning the Super Bowl, estimating a mere 2.4% chance of SEC’s victory.
Hogan’s analysis indicates that the SEC would face a complex legal path to secure a win, including potential appeals and further court evaluations.
The process could be so prolonged that Ripple might even appeal to the Supreme Court if the SEC manages to navigate the earlier stages successfully.
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