SEC drops charges against Ripple directors

The SEC is dropping its charges against Ripple Labs executives. However, the main proceedings surrounding XRP continue.

Ripple wins another partial victory in its legal battle with the Securities and Exchange Commission (SEC). According to court documents the U.S. Securities and Exchange Commission has dropped its charges against the management team around Brad Garlinghouse and Chris Larsen.

The SEC previously counted the two executives among the co-defendants for alleged violations of U.S. securities laws. The trial was supposed to begin next year. That won't happen now. Garlinghouse and Larsen cannot be tried again for these alleged violations.

Instead, the regulator wants to focus entirely on the lawsuit against Ripple Labs. In July, the SEC a bitter defeat.

The main trial is scheduled for April 2024.

Meanwhile, the crypto market is taking the news positively. XRP, the Ripple network's own cryptocurrency, rose about 6 percent in the past 24 hours.