By CJ - Cryptocurrency Enthusiast – 10-07-2022
In case you forgot, the SEC accused Ripple Labs Inc. and two of its executives—co-founder Christian Larsen and CEO Bradley Garlinghouse—of selling over $1.3 billion in XRP, which they claimed was an unregistered security, in a lawsuit they filed against them in December 2020.
Ripple attorneys submitted a Sur-Reply during the hearings, stating that this is the agency's first instance in which they have taken action against a corporation or individual executives for overselling an established digital asset.
Ripple's community has been anxiously expecting the ultimate ruling for the case in a protracted legal struggle that has seen the SEC use different strategies to postpone the process.
The Ripple community may breathe a sigh of relief when District Judge Analisa Torres dismissed the SEC's petition to file the Sur Sur-Reply in New York on February 23, allowing the Ripple community to breathe a sigh of relief. The legal struggle, on the other hand, is still ongoing.
Despite this, the price of XRP has continued to decline as a result of Russian President Vladimir Putin's decision to strike Ukraine.
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