XRP jumps 8% after Ripple's CEO says SEC has dropped its case against
the crypto currency
[March 21, 2025] By
ELAINE KURTENBACH
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
cryptocurrences 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 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.”
The SEC has not confirmed its decision to withdraw the case against
Ripple, yet other crypto companies have already announced that the SEC
under the Trump administration has dropped cases against them. Trump
vowed during his presidential campaign to ease restrictions in the
cryptocurrency market, a significant change compared with the last
several years under Gary Gensler, the head of the SEC in the Biden
administration.
In February, the cryptocurrency exchange Coinbase said the SEC had
dropped its case against it after it was targeted in a lawsuit alleging
it was operating as an unregistered securities platform and brokerage
service. Ditto for the cryptocurrency platform Robinhood.
The SEC also recently asked a federal court to pause ongoing litigation
against Binance, the world’s largest cryptocurrency exchange, because
leadership was rethinking previous enforcement actions.
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President Donald Trump speaks as administrator Kelly Loeffler, of
the Small Business Administration, from left, Secretary of Commerce
Howard Lutnick, Treasury Secretary Scott Bessent, White House AI and
crypto czar David Sacks and Bo Hines, a member of the presidential
council of advisers for digital assets, listen at the White House
Crypto Summit in Washington, Friday, March 7, 2025. (Pool via AP)
 Trump has pledged to make the U.S. a
world leader in cryptocurrencies and the industry scored some early
wins after his return to the White House. That includes the repeal
of an SEC accounting rule and an executive order by the president
directing a working group to study and propose changes to crypto
regulations.
Trump signed an executive order two weeks ago establishing a
government reserve of bitcoin, a key marker in the cryptocurrency’s
journey towards possible mainstream acceptance.
The crypto industry spent heavily to help elect Trump and other
crypto-friendly lawmakers and is eager to cement its influence in
politics and mainstream financial systems.
Garlinghouse, a Trump supporter, caused waves when he said he’d like
to see a U.S. government crypto reserve include various digital
assets rather than just bitcoin, the world’s most popular
cryptocurrency. That idea is a nonstarter for many bitcoin diehards.
The SEC was due to hold a series of roundtables on regulation of
crypto assets, beginning with one on Saturday at its headquarters in
Washington, DC.
Early Thursday, the value of Ripple rose to more than $2.50.
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