New York, October 20, 2023: The US Securities and Exchange Commission (SEC) on October 20 agreed to dismiss its lawsuit against Ripple Labs, Inc., the company behind the XRP cryptocurrency. The SEC had alleged that Ripple sold XRP as an unregistered security, but the company has denied the allegations.1
The settlement between the SEC and Ripple comes after a two-year legal battle. During that time, Ripple has argued that XRP is not a security, but rather a commodity. The company has also accused the SEC of overstepping its authority by regulating cryptocurrencies.
The SEC’s decision to dismiss its lawsuit against Ripple is a major victory for the cryptocurrency industry. It could pave the way for other cryptocurrency companies to go public and for XRP to be listed on major exchanges.
The SEC’s lawsuit against Ripple was a civil case, not a criminal case. This means that Ripple’s executives were not facing jail time if they were found guilty.
The SEC’s decision to dismiss its lawsuit against Ripple does not mean that XRP is not a security. The SEC could still bring a new case against Ripple in the future.
The SEC’s lawsuit against Ripple has been closely watched by the cryptocurrency industry. The outcome of the case could have had a significant impact on the regulation of cryptocurrencies in the United States.
The SEC’s decision to dismiss its lawsuit against Ripple is a positive sign for the cryptocurrency industry.
The SEC’s decision does not mean that XRP will be listed on major exchanges. Exchanges have their own listing requirements and will make their own decisions about whether or not to list XRP.
- SEC Withdraws Lawsuit Against Ripple: https://www.bloomberg.com/news/articles/2023-10-19/sec-asks-judge-to-dismiss-charges-against-ripple-executives#xj4y7vzkg[↩]
