Ripple CEO Brad Garlinghouse celebrated the dismissal of the SEC’s lawsuit against him and co-founder Chris Larsen, calling it a “stunning capitulation by the government” and a “landmark SEC surrender”.

Ripple, the company behind the XRP cryptocurrency, announced today that its CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all claims brought against them by the U.S. Securities and Exchange Commission (SEC). The SEC had accused the two executives of aiding and abetting $1.3 billion worth of unregistered securities sales in the form of XRP tokens since 2013.