- Judge Torres signed the final order dismissing the SEC’s case against Ripple executives without charges or cost.
- Judge Torres ruled Ripple violated the law only in sales to institutional investors, dismissing charges related to programmatic sales and other distributions.
- Legal experts speculate on ongoing negotiations for a settlement, leaving open the possibility of an SEC appeal after the final judgment.
US District Judge Analisa Torres has officially closed the chapter on the Securities and Exchange Commission’s (SEC) case against Ripple executives Brad Garlinghouse and Chris Larsen. The judge signed the final order on October 23, 2023, putting an end to the legal battle.
This dismissal, signed without any charges or cost, marked a pivotal moment in the longstanding dispute between Ripple and the SEC. Central to the ruling was Judge Torres’ specific finding that Ripple had violated securities laws solely in its sales to institutional investors. This meant that charges related to programmatic sales and other distributions were dismissed entirely.
The SEC had previously alleged that Garlinghouse and Larsen aided and abetted Ripple in raising capital through unregistered sales of XRP, totaling around $600 million. The case hinged on whether these transactions constituted violations of US securities laws.
Legal experts have been abuzz with speculation regarding the aftermath of this decision. Many anticipate ongoing negotiations between Ripple and the SEC for a possible settlement. Attorney Fred Rispoli and others have suggested that talks are likely underway to determine the amount Ripple might pay to settle the case once and for all.
Interestingly, the dismissal of charges against Garlinghouse and Larsen has also opened the door for a potential SEC appeal after the final judgment. While the SEC had attempted to file an immediate appeal earlier, the court’s decision mandated waiting until the final judgment was entered.
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