$XRP XRP jumps 8% after Ripple’s CEO says SEC has dropped its case against the crypto currency.
bangkok (ap) — the price of xrp jumped more than 8% thursday after the ceo of cryptocurrency company ripple said u.s. regulators have dropped its four-year-old case against the company.
the securities and exchange commission sued ripple and two of its executives in late 2020 after they raised $1.4 billion by selling xrp crypto coins.
the sec under the biden administration held that digital assets like cryptocurrencies should be regulated like securities, such as stocks, and should be considered commodities like gold or oil. securities generally face stricter regulations.
the trump administration is easing those rules.
ceo brad garlinghouse said that the sec overstepped its authority in alleging that ripple violated securities laws by selling xrp without a securities registration.
“i’m finally able to announce that this case has ended,” garlinghouse said in a video posted on x. “it’s over.”
