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SEC withdraws from high-stakes lawsuit over XRP cryptocurrency

SEC withdraws from high-stakes lawsuit over XRP cryptocurrency

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Updated October 19, 2023 at 5:18 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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