The price of the XRP CRIPTO rose a few minutes after Brad Garlinghouse, the Ripple CEO, announced on Wednesday morning that the Securities and Exchange Commission intended to give up a long -term lawsuit against Crypto Payments.
XRP, which is closely related to Ripple, jumped 10% to $ 2.55 high on the news. Bitcoin rose just over $ 84,000 before he plunged after the news broke. “I can finally announce that this case is over,” Garlinghouse said in the video published On X, he achieved orchestral music. “It’s over.”
SEC spokesman did not immediately respond to the commentary request. The court ventricle of the Ripple agency did not immediately show a record of the Agency’s decision to give up on the case.
The legal battle of the Secus Ripple is one of its longest cases in progress against the cryptocurrency of the company. In December 2020. Agency sued the company to pay a cryptocurrency For the sale of the XRP, for which SEC said unregistered security. Ripple returned, and in 2023, the federal judge rendered a mixed verdict on the case, which Secus appealed in 2024 in the second round of the US appellant.
The SEC’s decision to give up the appeal is the latest accidental crypto case that the regulator has fallen since President Donald Trump took the post in January.
Under former chairwoman Gary Gensler, appointed President Joe Biden, SEC claimed that the vast majority of the Crypto currency were unregulated securities or property such as shares and bonds that must adhere to strict registration rules.
The crypto companies disagree fiercely and have said that the old law law law has not been related to new financial assets for decades. In order to force them to adhere to his interpretation of the law, the sec has sued the large crypto companies such as exchange CoinKraken and twins.
In response, the crypto industry launched a wide influential campaign for the selection of the pro-Crypto politicians. Some, including the Gemini founders, Tyler and Cameron Winclevoss, as well as the founder of Kraken Jesse Powell, donated Trump’s campaign. In total, the crypto companies spent more than $ 130 million on the 2024 candidates, according to the Molly White cryptocurrency researcher.
After Trump’s victory, Mark Uyeda, a conservative SEC, took over as an acting act. Under his watch, the securisturred SEC and reduced his cryptocurrency unit. The Agency also launched a crypto working group for the development of the rules for the industry, led by Commissioner Pro-Crypto Hester Peirce. And he rejected his lawsuits against and investigations of the best companies, including Coinbase, Binance, Kraken and Yuga Labs.
“Our law should not be a Gotcha game,” Peirce said In a recent interview for Wealth. “Let’s just take a step back, reconsider things and get the contribution of people, now that people know that they can come in and talk to us.”
This story is originally shown on Fortune.com
