Ripple’s Legal Victories Strengthen XRP Coin as LBRY Ceases Operations

Ripple, a leading blockchain company, announced on Friday that its CEO, Brad Garlinghouse, and Chairman, Chris Larsen, have been cleared of all charges brought by the U.S. Securities and Exchange Commission (SEC). This development marks the company’s third legal victory, building on a pivotal ruling in July 2023 that determined “XRP is not a security,” as well as an October decision rejecting the SEC’s attempt to appeal.

Following the successful resolution of the lawsuit, Ripple intends to proceed with institutional sales of its XRP Coin. On October 19, 2023, Ripple achieved a significant legal win against the SEC regarding alleged violations of securities law, which has supported XRP Coin’s rise to a value of $0.52.

In contrast, LBRY, the organization behind Odysee, announced its closure due to debts owed to various parties, including the SEC. Despite a reduction in its penalties to $130,000, LBRY opted not to file an appeal. The closure, with a market capitalization of $5.5 million, drew criticism from crypto influencers and Pro-XRP lawyer John Deaton, who condemned the SEC’s aggressive tactics towards smaller firms while failing to avert larger crises like that of FTX.

Fox News journalist Eleanor Terrett highlighted that despite Ripple’s triumph and a market cap of $27 billion, the company still faces ongoing litigation related to over $700 million in institutional sales and potential violations under Section 5. The SEC has requested a timeline for further legal proceedings to be established by November 9, 2023.

Garlinghouse and Larsen have publicly criticized the SEC, alleging that the charges were motivated by political interests. Nevertheless, Ripple’s ongoing legal successes have positively affected its business, contributing to the recent surge in XRP Coin’s price.