The SEC has dropped charges against two Ripple executives - CEO Brad Garlinghouse and Executive Chairman Chris Larsen.。

The securities market regulator recently announced that it voted to reject the allegations in a biased manner。

SEC v. Ripple: The end of three years of legal action

In late 2020, the SEC filed charges against Ripple, Garlinghouse, and Larsen.。After a lengthy legal battle, a US court backed the blockchain company in July last year.。Although the SEC appealed the decision, the court rejected it again earlier this month.。

Garlinghouse said: "For almost three years, Chris and I have been subjected to baseless allegations by a rogue regulator with a political agenda.。Instead of going after criminals who steal customers' money from foreign exchanges, the SEC is going after clean people - and innovators and entrepreneurs throughout our company - who are building a regulated business in the United States.。"

SEC action pushes companies overseas

Based in San Francisco, Ripple has developed a blockchain-based infrastructure for cross-border payments, and it works with dozens of banks and large corporations to offer products and services.。

Although the company was founded in the United States, its operations are worldwide。Official announcement blames SEC hostility for about 90% of Ripple's business moving overseas。The company also highlighted that in the third quarter of 2023, nearly 90 percent of its hiring was outside the U.S.。

Larsen said, "Today, we are proven and redeemed by the law as we fight attempts to abuse the rules to advance the political agenda and stifle U.S. cryptocurrencies."。"

"While justice was ultimately served, the government's actions have raised questions about the motives of this lawsuit.。This is an abuse of the administrative state, where political special interests with clear and proven conflicts of interest can drag our names into the mud in an attempt to destroy us personally and the company that so many have worked so hard to build for so long.。"

In addition to Ripple, the SEC also filed charges against the two giants of the cryptocurrency industry, Coinbase and Binance.。Some of the charges against Binance are serious, including co-mingling customer funds, but Coinbase is accused of listing unregistered securities and operating an illegal exchange.。