Ripple, the San Francisco-based fintech company, has emerged victorious once again as the US Securities and Exchange Commission (SEC) dismissed all charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen. This marked the third consecutive win for Ripple in its long-standing legal battle with the SEC, signaling a major setback for the government agency.

The series of triumphs for Garlinghouse, Larsen, and Ripple began with a pivotal victory in July 2023 when a summary judgment concluded that “XRP is not, in and of itself, a security,” setting a crucial precedent. The winning streak continued in October, when the SEC’s appeal for an interlocutory appeal was denied, further boosting Ripple’s position.

Reflecting on the arduous legal journey, Brad Garlinghouse boldly stated, “For nearly three years, Chris and I have faced baseless allegations from a rogue regulator with a political agenda. We eagerly await the closure of this chapter, now that the SEC has finally ended their absurd theatrics against us.”

Adding to the company’s triumph, Ripple’s Chief Legal Officer, Stuart Alderoty, shared his thoughts on the recent turn of events via social media, stating, “The SEC made a grave error by personally targeting Brad and Chris, and now they have conceded, dropping all charges against our executives. This is not a settlement—it is a complete surrender by the SEC.”

So what lies ahead for Ripple in its ongoing battle against the SEC?

FOX Business journalist Eleanor Terrett shed light on the implications of this dismissal, highlighting that the trial initially scheduled for April next year is now effectively canceled. However, Terrett also pointed out that while the SEC has dropped charges against Garlinghouse and Larsen, further litigation is anticipated in the penalty phase concerning Ripple’s institutional sales, which amount to over $700 million.

Legal experts within the XRP community speculate that Ripple will seek to negotiate down the penalty, while the SEC is likely to push for a significant sum, aiming for a symbolic victory.

It is important to note that although the SEC has dismissed charges against Ripple’s executives, the option to appeal Judge Torres’s decision on the “programmatic sales” and “other distributions” of XRP still remains. While an interlocutory appeal was initially denied, this potential avenue for the SEC to contest the judgment could introduce yet another twist to this legal saga.

Within the XRP community, attorneys including Jeremy Hogan and Bill Morgan speculate that yesterday’s dismissal could be a strategic move to expedite the appeal process against the summary judgment. By settling with the individual defendants, the SEC could potentially reach an appellate court sooner, bypassing a demanding case and saving resources.

Moving forward, Ripple and the SEC will confer on a potential briefing schedule to address the remedies for Ripple’s violations related to XRP’s institutional sales. Both parties are expected to present this proposed schedule to Judge Torres by November 9.

While Ripple’s recent successes have undoubtedly strengthened its position in the ongoing battle, the path ahead is still laden with uncertainties. The upcoming penalty negotiations and the possibility of an SEC appeal on specific points will play a critical role in shaping the future of this closely watched legal dispute.

As of now, XRP is trading at $0.5137, demonstrating a 6.3% increase in the past 24 hours.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.