The US Securities and Exchange Commission (SEC) has dropped its case against cryptocurrency firm Ripple Labs, ending a four-year investigation. The move prevents the company from facing a potential $125 million fine. CEO Brad Garlinghouse announced the news on his social media platform X, praising the change in government as “new leadership” that is seeking a rational and constructive way forward on crypto. This comes after Ripple’s 2023 legal victory when a federal judge ruled that publicly sold tokens did not constitute a security, although the company still faced an $125 million fine due to not selling them to institutional investors. The price of XRP surged over 10% following Garlinghouse’s announcement.
Source: https://abcnews.go.com/US/sec-drops-case-crypto-firm-ties-trump-ceo/story?id=119963257