Judge Torres of the U.S. District Court in New York dismissed the SEC's charges against Ripple executives Brad Garlinghouse and Christian Larsen related to XRP sales practices on Wednesday, according to an Oct 19 report by U.Today. The dismissal order also stipulates that both parties will bear their own legal expenses.
Prior to this resolution, the SEC had dropped its charges, which led Garlinghouse to criticize the commission's aggressive tactics and what he perceived as a misuse of taxpayers' funds. Observers in the legal field interpreted this move as a potential strategy by the SEC to hasten the appellate process, thereby avoiding a protracted trial initially scheduled for spring.
Attorney Jeremy Hogan drew a comparison between the SEC's slim 2.4% chance of winning against Ripple and the odds of the New York Jets clinching the Super Bowl title. The dismissal of charges marks a significant development in this high-stakes legal battle that has been closely monitored by stakeholders in the cryptocurrency industry.
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