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SEC Requests Dismissal of Case Against Ripple CEO and Co-Founder

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U.S. Securities and Exchange Commission (SEC) Building

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The Securities and Exchange Commission (SEC) has asked a federal judge in New York to dismiss the charges against Ripple Labs CEO, Bradley Garlinghouse, and Co-Founder, Christian Larsen, according to attorneys representing the regulatory body.

Last year, the SEC filed a lawsuit against Ripple, alleging that the company conducted an unregistered digital asset securities offering by raising over $1.3 billion worth of XRP tokens. However, a District Court judge ruled in July that XRP does not qualify as a security when sold to the general public on exchanges.

The SEC and Ripple are now expected to discuss a potential briefing schedule regarding β€œappropriate remedies against Ripple,” as mentioned in the filing.

Following the news, XRP experienced a modest price increase, rising 4% to $0.51 per token.

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