Regulator’s request to dismiss cases filed against Ripple’s founder and CEO has stirred up controversy. The SEC requested the dismissal of the case filed against Ripple’s co-founder Chris Larsen and CEO Brad Garlinghouse.

According to a report by Bloomberg, SEC lawyers arranged a meeting to discuss and resolve violations related to the XRP sales conducted by Ripple on a corporate level. Bloomberg Intelligence analyst Elliot Stein noted that this move would reduce the risk of the SEC losing the lawsuit and shorten the time to appeal. Stein also mentioned the likelihood of not wanting negative information to become public during personal trials.

In a press release by Ripple, the SEC’s application was described as a “striking retreat by the government“. Ripple’s chief legal officer, Stuart Alderoty, said on social media, “This is not a settlement. This is the SEC backing down“.

In a press release issued by Ripple, the SEC’s filing was characterized as a “dramatic U-turn” by the government. Ripple’s Chief Legal Officer, Stuart Alderoty, also used social media to state, “This is not a settlement. This is the SEC stepping back.“

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: CASE DISMISSED AGAINST BRAD GARLINGHOUSE AND CHRIS LARSEN pic.twitter.com/BYTe9152jM

— James K. Filan (@FilanLaw) October 19, 2023

SEC had previously accused Ripple founders Chris Larsen and Brad Garlinghouse of selling XRP tokens unauthorized and generating a revenue of 1 billion dollars. However, a federal judge ruled that the sale of XRP in exchanges did not constitute a securities offering.

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