GBTC - SEC Asks Judge To Dismiss Lawsuit Against Ripple Executives But There's Pending Issues | Benzinga
In a significant turn of events, the U.S. Securities and Exchange Commission (SEC) asked the judge presiding over the case to dismiss its lawsuit against Ripple's (CRYPTO: XRP) key executives Christian Larsen and Bradley Garlinghouse.
The decision was conveyed via an official letter to Analisa Torres, a U.S. District Judge for the Southern District of New York, on Thursday.
The lawsuit, which had been looming over Ripple for some time, centered around allegations that Larsen and Garlinghouse aided and abetted Ripple's violations of Section 5 of the Securities Act of 1933 with Ripple's "Institutional Sales" of XRP.
Following a stipulation between the involved parties, the claim is dismissed with prejudice, negating the necessity for the previously scheduled trial.
While this chapter closed for Ripple's top brass, it is not the end of legal proceedings for the company.
The letter from the SEC also mentioned that it, along with Ripple, will deliberate on a potential briefing schedule concerning the appropriate remedies against Ripple for its alleged Section 5 violations tied to its Institutional Sales of XRP.
Also Read: Morgan Stanley Details Indicators For ...