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SEC drops claims against Ripple executives in securities law lawsuit

The U.S. Securities and Exchange Commission has dropped claims against two executives of Ripple Labs in its lawsuit alleging the blockchain company violated U.S. securities law. The agency is dropping claims that Ripple Chief Executive Brad Garlinghouse and co-founder Chris Larsen aided and abetted sales of the cryptocurrency XRP which a judge has found amounted to unregistered sales of securities. The SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP in its December 2020 lawsuit. U.S. District Judge Analisa Torres granted Ripple a partial win in the case in July, finding that sales of XRP on public exchanges were not unregistered securities offerings.

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