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SEC Retreats From High-Stakes Lawsuit Over XRP Cryptocurrency

Updated Oct. 19, 2023 7:11 pm ET

WASHINGTON—The Securities and Exchange Commission on Thursday said it would drop its lawsuit against two cryptocurrency executives who oversaw $1.5 billion in sales of a digital coin known as XRP, in a move that boosts the industry’s battle against traditional regulation.

The dismissal of civil claims against Brad Garlinghouse and Chris Larsen, who were sued for assisting Ripple Labs’s sales, will likely encourage wealthy crypto defendants to fight regulators in court. At the same time, the SEC’s withdrawal from the case preserves its resources for bigger lawsuits it has filed against crypto giants Coinbase and Binance.  

Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Summarize this content to 100 words Updated Oct. 19, 2023 7:11 pm ETWASHINGTON—The Securities and Exchange Commission on Thursday said it would drop its lawsuit against two cryptocurrency executives who oversaw $1.5 billion in sales of a digital coin known as XRP, in a move that boosts the industry’s battle against traditional regulation.The dismissal of civil claims against Brad Garlinghouse and Chris Larsen, who were sued for assisting Ripple Labs’s sales, will likely encourage wealthy crypto defendants to fight regulators in court. At the same time, the SEC’s withdrawal from the case preserves its resources for bigger lawsuits it has filed against crypto giants Coinbase and Binance.  Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
https://www.wsj.com/articles/sec-retreats-from-high-stakes-lawsuit-over-xrp-cryptocurrency-e81f6a8c?mod=rss_markets_main SEC Retreats From High-Stakes Lawsuit Over XRP Cryptocurrency

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