SEC drops all charges against Ripple executives
The developer of the XTP cryptocurrency, Ripple, reached a preliminary agreement with the SEC, ensuring that all charges against its executives are dropped
The United States Securities and Exchange Commission (SEC) dropped all charges against senior executives of the Ripple platform, after reaching a bilateral agreement.
In this sense, on Thursday it was announced that the charges against the company’s CEO, Brad Garlinghouse, and against the executive president, Chris Larsen, were withdrawn to move to a phase of negotiations “respectfully” requested from the regulatory body.
The document presented indicates that both parties reached an agreement “to voluntarily and with prejudice dismiss the complicity charges filed against these two executives, which implies that said charges cannot be reinstated in the future.”
The SEC, however, “will continue its legal claims against Ripple, keeping the ongoing legal dispute alive.”
It is unknown how these developments, in addition to regulatory and legal aspects, could impact Ripple’s cryptocurrency, XRP. For now, the parties agreed to establish information sessions, protected by the “spirit of cooperation,” which has led to the extension of the deadline until November 9 to submit to the court “a calendar proposal” for said meetings. If an agreement is not reached, the court must intervene and set a meeting agenda beneficial to both parties.
The legal situation has continued for three years, during which time both Garlinghouse and Larsen have been under accusations by the SEC that are considered “baseless” and politically flawed.
M.Pino
Source: myconomy
(Reference image source: Unsplash, in collaboration with Getty Images)
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