SEC Drops Charges Against Ripple CEO Garlinghouse, Chairman Larsen

Join the Trading Community: Learn & Earn with BingX.

Today’s Cryptocurrency Headline

The U.S. Securities and Exchange Commission (SEC) will no longer pursue claims that Ripple’s CEO Brad Garlinghouse or Executive Chairman Chris Larsen aided and abetted the company in violating federal securities laws in its XRP transactions, canceling a trial scheduled for next year and giving the crypto company another victory in the agency’s long-running suit against it while moving the regulator closer to appealing a federal judge’s ruling in the case. According to a filing Thursday afternoon, the parties agreed to voluntarily dismiss the aiding and abetting charges against the two executives with prejudice, meaning it cannot be filed again. The SEC will continue pursuing its claims against Ripple, the filing said. It’s this second part where the SEC and Ripple will continue discussions, Thursday’s filing indicated. Similarly, the dropped charges are tied to the institutional sales, which would have gone on trial next April.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin price is up today, rising to an intra-day high above $30,200 and a new two-month high. The Bitcoin price increase today comes after the United States Securities and Exchange Commission announced it would drop all charges against Ripple’s leadership, including CEO Brad Garlinghouse. The crypto community gleefully celebrated Ripple’s victory. Although Bitcoin price could struggle to hold the $30,000 level, a certain degree of the bullish momentum is likely driven by institutional investors’ recent amendments to multiple spot Bitcoin exchange-traded fund (ETF) applications and retail investors’ hope in the upcoming Bitcoin supply halving. To date, the SEC has refused to approve a spot Bitcoin ETF despite numerous applicants, including BlackRock, Fidelity, ARK Invest, and 21Shares, which has filed for approval three times. The next Bitcoin halving is projected to take place in April 2024, and this event will produce bullish outcomes for BTC price this time. Bitcoin price showing some bullish momentum is helping boost market sentiment. The Bitcoin Fear & Greed Index shows the market has shifted from fearful to neutral, gaining nine points in a week. The support level is at $28,900 and the resistance level is at $30,400.

Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.