The price of XRP jumped over 8% after Ripple’s CEO Brad Garlinghouse announced that the US Securities and Exchange Commission (SEC) has dropped its four-year-old case against the company. The move comes as part of a broader effort to ease regulations on the cryptocurrency market.
In 2020, the SEC sued Ripple and two executives for allegedly selling XRP without registering it as a security. However, Garlinghouse claims that the SEC overstepped its authority in making this accusation. The case has been ongoing for four years, but the new development suggests that the SEC is backing down.
The news comes as part of a trend of regulatory relaxation under the Trump administration. Other crypto companies, including Coinbase and Robinhood, have already seen their cases against them dropped by the SEC. This shift in policy could bode well for the industry’s future growth.
XRP’s price surge follows Garlinghouse’s statement that he hopes to see a US government reserve of digital assets, including XRP, in place of just bitcoin. While this idea is not popular among bitcoin diehards, it could potentially signal a shift towards greater acceptance and regulation of the broader cryptocurrency market.
Source: https://apnews.com/article/ripple-crypto-trump-xrp-bitcoin-02bb5d70c23864db2421d4b70cf4cea0