TechFlow reports on October 20, according to Businesswire, the SEC's allegations against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen have been dismissed, meaning there will be no trial in April next year. This marks the third consecutive victory for Garlinghouse, Larsen, and Ripple.
Earlier in mid-July, the U.S. District Court for the Southern District of New York ruled that the SEC's claims against Ripple were invalid, stating that XRP itself does not constitute a "contract, transaction, or scheme" meeting the investment contract criteria under Howey. However, the court found that Ripple’s institutional sales of XRP constituted unregistered offers and sales of investment contracts. In early October, the SEC's appeal request in the Ripple case was rejected by a federal judge.
