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The civil lawsuit against the Ripple executives had been ongoing since December 2020   Lawyers representing the United States Securities and Exchange Commission announced they will seek to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen. In an Oct. 19 filing in U.S. District Court for the Southern District of New York, the SEC notified the court the parties involved in its case against Ripple “have stipulated to the dismiss al with prejudice”, suggesting there was no need to schedule an upcoming trial. The filing did not state that the SEC was dropping its civil case against Ripple itself, first filed in 2020. “The SEC and Ripple intend to meet and confer on a potential briefing schedule with respect to the pending issue in the case—what remedies are proper against Ripple for its Section 5 violations with respect to its Institutional Sales of XRP—and respectfully request until November 9, 2023 to propose such schedule to the Court or, i...

Ripple clarified six misconceptions about the recent ruling. After it, XRP and Bitcoin are the only digital assets that aren’t considered securities in the US. On July 13, Judge Torres ruled in the trial of Ripple v. SEC, stating that Ripple is not a security. The first point that the company addressed in its Q2 report is that the decision issued by Judge Torres wasn’t split. The company said that it’s clear that the main point of the court decision was to understand if Ripple was or was not a security, and it has been clear that it’s not. The second misconception related to XRP being security in some settings but not others. The company said that XRP is not a security, explaining, as the court said, that “XRP, as a digital token, is not in and of itself… an investment contract.” You might also like: Bank of England releases new paper on Ripple use cases The third misconception was related to a share of stock always being tak...