SEC drops charges against Ripple’s Brad Garlinghouse and Chris Larsen
Cryptopolitan (RSS)
In a significant development in the ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), all charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen have been dismissed. Stuart Alderoty, Ripple’s Chief Legal Officer, termed this move by the SEC as not just a settlement but a “surrender.” The SEC had previously accused the Ripple executives of being personally liable for the sale of illegal securities in the form of Ripple’s XRP token.
The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC. https://t.co/TOsG64ZdEx
— Stuart Alderoty (@s_alderoty) October 19, 2023
However, this turn of events doesn’t mark the end of the road for the legal dispute between the two parties. According to a filing on Thursday, the SEC stated, “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.”
Ongoing issues with Ripple’s sales practices
Judge Analisa Torres, who presided over the case, previously ruled that some of Ripple’s XRP sales did not violate securities laws. These sales were conducted through a blind bid process. Despite this partial win for the SEC, the agency is now focusing its legal efforts on determining suitable remedies for other Ripple sales considered violations under Section 5. Both parties have agreed to propose a briefing schedule on the matter by November 9, 2023, should they be unable to reach a compromise.
The SEC’s earlier efforts to slow down the trial met with failure. The agency was denied its request for an interlocutory appeal and also failed to secure a stay of trial. Therefore, although the personal charges against Garlinghouse and Larsen have been dropped, Ripple Labs remains a named defendant in the case and will likely continue to face legal scrutiny.
Ripple executives speak out
Brad Garlinghouse and Chris Larsen expressed relief over the SEC’s decision to drop the charges. “Today was an even better day,” remarked Garlinghouse, emphasizing the personal toll the case had taken on them. Larsen, too, criticized the SEC’s attempt to “abuse the rules to advance a political agenda to destroy cryptocurrencies in America.”
Moreover, the SEC has come under fire for what some see as inconsistent application of securities laws, especially concerning cryptocurrencies. Ripple’s executives questioned the agency’s focus on their company while allegedly neglecting consumer protection concerns.
While the dismissal of charges against Ripple’s executives offers some degree of closure, it opens up new questions about the SEC’s future strategy in regulating cryptocurrencies. Additionally, the move draws attention to how the regulatory body will handle alleged Section 5 violations by Ripple Labs in its institutional sales of XRP.
The continued legal entanglements suggest that although Ripple’s executives are off the hook for now, challenges for the cryptocurrency company are far from over. The SEC’s pivot towards Ripple’s sales practices indicates a recalibration in their legal approach, hinting at the intricate battles ahead.
Cryptopolitan (RSS)
In a significant development in the ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), all charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen have been dismissed. Stuart Alderoty, Ripple’s Chief Legal Officer, termed this move by the SEC as not just a settlement but a “surrender.” The SEC had previously accused the Ripple executives of being personally liable for the sale of illegal securities in the form of Ripple’s XRP token.
The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC. https://t.co/TOsG64ZdEx
— Stuart Alderoty (@s_alderoty) October 19, 2023
However, this turn of events doesn’t mark the end of the road for the legal dispute between the two parties. According to a filing on Thursday, the SEC stated, “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.”
Ongoing issues with Ripple’s sales practices
Judge Analisa Torres, who presided over the case, previously ruled that some of Ripple’s XRP sales did not violate securities laws. These sales were conducted through a blind bid process. Despite this partial win for the SEC, the agency is now focusing its legal efforts on determining suitable remedies for other Ripple sales considered violations under Section 5. Both parties have agreed to propose a briefing schedule on the matter by November 9, 2023, should they be unable to reach a compromise.
The SEC’s earlier efforts to slow down the trial met with failure. The agency was denied its request for an interlocutory appeal and also failed to secure a stay of trial. Therefore, although the personal charges against Garlinghouse and Larsen have been dropped, Ripple Labs remains a named defendant in the case and will likely continue to face legal scrutiny.
Ripple executives speak out
Brad Garlinghouse and Chris Larsen expressed relief over the SEC’s decision to drop the charges. “Today was an even better day,” remarked Garlinghouse, emphasizing the personal toll the case had taken on them. Larsen, too, criticized the SEC’s attempt to “abuse the rules to advance a political agenda to destroy cryptocurrencies in America.”
Moreover, the SEC has come under fire for what some see as inconsistent application of securities laws, especially concerning cryptocurrencies. Ripple’s executives questioned the agency’s focus on their company while allegedly neglecting consumer protection concerns.
While the dismissal of charges against Ripple’s executives offers some degree of closure, it opens up new questions about the SEC’s future strategy in regulating cryptocurrencies. Additionally, the move draws attention to how the regulatory body will handle alleged Section 5 violations by Ripple Labs in its institutional sales of XRP.
The continued legal entanglements suggest that although Ripple’s executives are off the hook for now, challenges for the cryptocurrency company are far from over. The SEC’s pivot towards Ripple’s sales practices indicates a recalibration in their legal approach, hinting at the intricate battles ahead.
Ripple claims over $11.4 million in FTX bankruptcy case
Cryptopolitan (RSS)
Ripple Labs Singapore Pte. Ltd., a subsidiary of the U.S. fintech giant Ripple, has emerged as a major creditor in the ongoing FTX bankruptcy case. The claim, amounting to a substantial $11.4 million, stands out as the largest among those disclosed in
FTX bankruptcy reveals unlikely creditors
The disclosure came to light through a document that dismissed duplicate non-client-related claims by FTX debtors. This document, authorized by United States Bankruptcy Judge John T. Dorsey and issued by Kroll, the creditor claims administrator in the FTX case, sheds light on the intricate financial web surrounding the collapsed exchange.
#Ripple has a claim on FTX assets. What's interesting is Ripple Singapore is making the claim (against Alameda assets.) FTX: Bahamas, Alameda:HK, and Ripple:Singapore. Does this suggest how wallets are op...
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Cryptopolitan (RSS)
Ripple Labs Singapore Pte. Ltd., a subsidiary of the U.S. fintech giant Ripple, has emerged as a major creditor in the ongoing FTX bankruptcy case. The claim, amounting to a substantial $11.4 million, stands out as the largest among those disclosed in
FTX bankruptcy reveals unlikely creditors
The disclosure came to light through a document that dismissed duplicate non-client-related claims by FTX debtors. This document, authorized by United States Bankruptcy Judge John T. Dorsey and issued by Kroll, the creditor claims administrator in the FTX case, sheds light on the intricate financial web surrounding the collapsed exchange.
#Ripple has a claim on FTX assets. What's interesting is Ripple Singapore is making the claim (against Alameda assets.) FTX: Bahamas, Alameda:HK, and Ripple:Singapore. Does this suggest how wallets are op...
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🚨 JUST IN: Ripple Prime Launches US Equity Derivatives Service
Ripple Prime has expanded its institutional offerings to include Delta One business services.
Clients can now access total return swaps for US-listed equities, indexes, and digital assets.
The platform enables cross-margin exposures across traditional and crypto markets.
#Ripple #XRP #TradFi #CryptoNews
Read more
Ripple Prime has expanded its institutional offerings to include Delta One business services.
Clients can now access total return swaps for US-listed equities, indexes, and digital assets.
The platform enables cross-margin exposures across traditional and crypto markets.
#Ripple #XRP #TradFi #CryptoNews
Read more
🚨 JUST IN: XRP Treasury Company Evernorth Set for Nasdaq Listing
The SEC has cleared merger paperwork for Evernorth, a Ripple-backed XRP treasury firm.
Shareholders will vote on September 30 to finalize the listing under the ticker XRPN.
This marks a major institutional milestone for the XRP ecosystem on US public markets.
#XRP #Ripple #Nasdaq #CryptoNews
Read more
The SEC has cleared merger paperwork for Evernorth, a Ripple-backed XRP treasury firm.
Shareholders will vote on September 30 to finalize the listing under the ticker XRPN.
This marks a major institutional milestone for the XRP ecosystem on US public markets.
#XRP #Ripple #Nasdaq #CryptoNews
Read more
Coindesk
XRP treasury news: Ripple backed company Evernoth is a shareholder vote away from Nasdaq
The SEC cleared the paperwork for Evernorth's merger with a shell company, setting up a Sept. 30 vote and a listing under the ticker XRPN.
💰 XRP Institutional Shorts Surge to 115 Million Tokens
CME XRP open interest jumped nearly 40% in a single week according to the latest CFTC report. Leveraged funds have doubled their net short positions, now holding a net short of 2,314 contracts, equivalent to approximately 115.7 million XRP.
This aggressive shorting comes despite XRP rebounding 32% from the $1 level this month to trade near $1.38. While leveraged funds are betting against the momentum, other institutional players like dealers and asset managers have increased their net long positions.
Dealers added 59.75 million XRP in net longs, while asset managers added 28.25 million XRP. This creates a sharp divide in institutional sentiment as the CME market expands rapidly.
#XRP #Ripple #CryptoNews #CFTC
CME XRP open interest jumped nearly 40% in a single week according to the latest CFTC report. Leveraged funds have doubled their net short positions, now holding a net short of 2,314 contracts, equivalent to approximately 115.7 million XRP.
This aggressive shorting comes despite XRP rebounding 32% from the $1 level this month to trade near $1.38. While leveraged funds are betting against the momentum, other institutional players like dealers and asset managers have increased their net long positions.
Dealers added 59.75 million XRP in net longs, while asset managers added 28.25 million XRP. This creates a sharp divide in institutional sentiment as the CME market expands rapidly.
#XRP #Ripple #CryptoNews #CFTC
⚡ AI Agents Drive 4.5 Million Transactions on XRP Ledger
Data from the XRPL AI Hub reveals that AI agents have executed nearly 4.5 million transactions on the XRP Ledger. Despite the massive volume, these micro-payments settled a cumulative total of only 5,836 XRP and 4,125 RLUSD, Ripple’s dollar-pegged stablecoin.
The activity is driven by the XRPL AI Starter Kit launched in June, which allows software agents to pay for API calls and AI inference in tiny, fractional increments. The hub currently tracks 152 registered merchants and reports a seven-day average of nearly 200,000 payments per day.
XRP is currently trading around $1.40 with a market capitalization of $87.5 billion, maintaining its position as the #5 largest digital asset by market cap.
#XRP #Ripple #AI #Blockchain
Data from the XRPL AI Hub reveals that AI agents have executed nearly 4.5 million transactions on the XRP Ledger. Despite the massive volume, these micro-payments settled a cumulative total of only 5,836 XRP and 4,125 RLUSD, Ripple’s dollar-pegged stablecoin.
The activity is driven by the XRPL AI Starter Kit launched in June, which allows software agents to pay for API calls and AI inference in tiny, fractional increments. The hub currently tracks 152 registered merchants and reports a seven-day average of nearly 200,000 payments per day.
XRP is currently trading around $1.40 with a market capitalization of $87.5 billion, maintaining its position as the #5 largest digital asset by market cap.
#XRP #Ripple #AI #Blockchain
🔴 US Senate Blocks CLARITY Act; XRP Drops 8%
The US Senate has rejected the Digital Asset Market Clarity Act (H.R. 3633) in a 49-50 vote. The failure to advance the bill removes a near-term path for a federal crypto market-structure framework, causing XRP to slide over 8% to a low of $1.27 amid broader market liquidations.
Despite the legislative setback, Ripple leadership maintains that XRP's status as a digital commodity remains settled under current SEC and CFTC interpretations. Chief Legal Officer Stuart Alderoty noted that the March regulatory framework identifying XRP among 18 digital commodities is still in effect.
#XRP #Ripple #CryptoRegulation #SEC
The US Senate has rejected the Digital Asset Market Clarity Act (H.R. 3633) in a 49-50 vote. The failure to advance the bill removes a near-term path for a federal crypto market-structure framework, causing XRP to slide over 8% to a low of $1.27 amid broader market liquidations.
Despite the legislative setback, Ripple leadership maintains that XRP's status as a digital commodity remains settled under current SEC and CFTC interpretations. Chief Legal Officer Stuart Alderoty noted that the March regulatory framework identifying XRP among 18 digital commodities is still in effect.
#XRP #Ripple #CryptoRegulation #SEC
⚡ Ripple Integrates Stripe-Backed AI Payment Standard
RippleX has released version 1.1 of its XRPL AI Starter Kit, adding support for the Machine Payments Protocol (MPP). This protocol, co-authored by Stripe and Tempo, allows AI agents to autonomously pay for computing power, data, and other online services.
The update enables software agents to use XRP and Ripple’s upcoming RLUSD stablecoin for transactions. It supports both one-time payments and ongoing payment sessions, though session-based payments for stablecoins currently require a proposed ledger upgrade.
By integrating the Open Wallet Standard, the kit lets AI agents request transactions without accessing private keys. It includes security safeguards such as spending limits and approved destinations to prevent unauthorized fund use.
#Ripple #XRP #Stripe #AI
RippleX has released version 1.1 of its XRPL AI Starter Kit, adding support for the Machine Payments Protocol (MPP). This protocol, co-authored by Stripe and Tempo, allows AI agents to autonomously pay for computing power, data, and other online services.
The update enables software agents to use XRP and Ripple’s upcoming RLUSD stablecoin for transactions. It supports both one-time payments and ongoing payment sessions, though session-based payments for stablecoins currently require a proposed ledger upgrade.
By integrating the Open Wallet Standard, the kit lets AI agents request transactions without accessing private keys. It includes security safeguards such as spending limits and approved destinations to prevent unauthorized fund use.
#Ripple #XRP #Stripe #AI
💰 84 Million XRP Inflow to Exchanges
Wallets linked to 24 crypto exchanges added 83.94 million XRP between Oct. 13 and Oct. 15. This brings the total tracked exchange holdings to 22.06 billion XRP, a 0.38% increase in just three days.
Binance saw the largest increase, accounting for 54.61 million XRP of the weekly net growth. Other major inflows were recorded at Upbit, Kraken, and Coinbase, while Bybit and Bitfinex saw minor outflows.
The surge in exchange balances occurred as the XRP price hovered around $1.32. Large transfers to exchanges are often viewed as a signal of potential selling pressure, as holders move assets out of private storage to trading platforms.
#XRP #Ripple #Binance #CryptoNews
Wallets linked to 24 crypto exchanges added 83.94 million XRP between Oct. 13 and Oct. 15. This brings the total tracked exchange holdings to 22.06 billion XRP, a 0.38% increase in just three days.
Binance saw the largest increase, accounting for 54.61 million XRP of the weekly net growth. Other major inflows were recorded at Upbit, Kraken, and Coinbase, while Bybit and Bitfinex saw minor outflows.
The surge in exchange balances occurred as the XRP price hovered around $1.32. Large transfers to exchanges are often viewed as a signal of potential selling pressure, as holders move assets out of private storage to trading platforms.
#XRP #Ripple #Binance #CryptoNews
💰 Ripple & Aviva: £22 Billion Giant Expands on XRPL
British asset manager Aviva has launched a second tokenized share class on the XRP Ledger (XRPL), investing £50 million ($66 million) into its Sterling Liquidity Fund. This brings Aviva's total XRPL-based investments to over £86 million ($116 million).
The fund being tokenized is a massive £22 billion vehicle. The move utilizes the XRPL Multi-Purpose Token (MPT) standard, allowing Aviva to maintain strict compliance controls, including clawback features and restricted transfers, while using blockchain for issuance and redemption.
Simultaneously, Ripple introduced its 24/7 Returns product at the Swell 2026 conference. This allows corporate clients to generate returns on idle cash using the RLUSD stablecoin and other digital assets held in Ripple wallets, operating outside traditional banking hours.
#Ripple #XRP #Tokenization #Aviva #XRPL
British asset manager Aviva has launched a second tokenized share class on the XRP Ledger (XRPL), investing £50 million ($66 million) into its Sterling Liquidity Fund. This brings Aviva's total XRPL-based investments to over £86 million ($116 million).
The fund being tokenized is a massive £22 billion vehicle. The move utilizes the XRPL Multi-Purpose Token (MPT) standard, allowing Aviva to maintain strict compliance controls, including clawback features and restricted transfers, while using blockchain for issuance and redemption.
Simultaneously, Ripple introduced its 24/7 Returns product at the Swell 2026 conference. This allows corporate clients to generate returns on idle cash using the RLUSD stablecoin and other digital assets held in Ripple wallets, operating outside traditional banking hours.
#Ripple #XRP #Tokenization #Aviva #XRPL
🚨 Ripple and Robinhood Expand Partnership for RLUSD Stablecoin
Ripple and Robinhood have announced a major expansion to bring the RLUSD stablecoin to retail and institutional markets. The stablecoin will launch on the Robinhood app later this year, following its current availability on Bitstamp and Robinhood Chain.
Robinhood will also integrate Ripple Treasury to manage its global cash operations and liquidity. Additionally, the platform plans to use RLUSD on the XRP Ledger for institutional settlements, moving beyond customer services into internal financial infrastructure.
The news coincides with Ripple receiving final OCC approval to establish a national trust bank to manage RLUSD reserves. BNY has also expanded its role, supporting custody for XRP and RLUSD while allowing clients to mint and redeem the stablecoin directly.
#Ripple #Robinhood #RLUSD #XRP
Ripple and Robinhood have announced a major expansion to bring the RLUSD stablecoin to retail and institutional markets. The stablecoin will launch on the Robinhood app later this year, following its current availability on Bitstamp and Robinhood Chain.
Robinhood will also integrate Ripple Treasury to manage its global cash operations and liquidity. Additionally, the platform plans to use RLUSD on the XRP Ledger for institutional settlements, moving beyond customer services into internal financial infrastructure.
The news coincides with Ripple receiving final OCC approval to establish a national trust bank to manage RLUSD reserves. BNY has also expanded its role, supporting custody for XRP and RLUSD while allowing clients to mint and redeem the stablecoin directly.
#Ripple #Robinhood #RLUSD #XRP