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SEC withdraws from high-stakes lawsuit over XRP cryptocurrency

SEC withdraws from high-stakes lawsuit over XRP cryptocurrency


Updated October 19, 2023 at 7:11 p.m. ET

WASHINGTON — The Securities and Exchange Commission announced Thursday that it will drop its lawsuit against two cryptocurrency executives who oversaw $1.5 billion in sales of a digital coin known as XRP, in a move which strengthens the sector’s fight against traditional regulation.

The dismissal of civil proceedings against Brad Garlinghouse And Chris Larsen, who were sued for helping with Ripple Labs 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 larger lawsuits it has filed against crypto giants. Coinbase and Binance.

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With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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