The SEC previously accused Ripple co-founder Christian Larsen and Chief Executive Officer Bradley Garlinghouse of misleading investors on a $1B XRP sale.
The US Securities and Exchange Commission (SEC) asked a federal judge in New York to dismiss its legal case against crypto company Ripple’s co-founder Christian Larsen and its Chief Executive Officer (CEO) Bradley Garlinghouse.
The SEC’s original lawsuit included accusing two of Ripple’s executives, Brad Garlinghouse and Chris Larsen, of selling unregistered securities in the form of XRP cryptocurrency, raising over $1.3 billion through the allegedly illegal sale.
Now, the agency wants to meet with Ripple representatives to discuss “what remedies are proper” for its legally proven violations tied to institutional sales of the XRP token.
The move came three months after Ripple’s partial win in the SEC lawsuit. In July, US District Judge Analisa Torres ruled that XRP was security only when sold directly to institutions but not during a public offer on crypto exchanges. The regulator didn’t give up, though. The SEC started preparing for the appeal, asking Judge Torres to put the Ripple case on hold, as multiple other pending court cases could be affected depending on the outcome.
At the same time, Ripple reported its intention to thwart SEC appeal attempts. Ultimately, this month, Judge Torres denied a bid by the SEC for a quick appeal of her judgment.
The latest move still enables the SEC to appeal parts of the court’s decision. However, the agency now wouldn’t risk jeopardizing the win it got on direct institutional sales during the trial of the individuals and could avoid potential delays.