The Securities and Exchange Commission has dropped its case and appeal against Ripple Labs, according to ABC News. CEO Brad Garlinghouse announced the social media platform X on Wednesday. The decision potentially spares Ripple from a $125 million fine. The SEC sued Ripple in 2020, alleging the company violated securities laws by raising over $1 billion through XRP token sales. A 2023 court ruling found XRP tokens were not securities but upheld a fine for sales to institutional investors. Ripple donated $5 million to Trump’s inaugural committee, and its CEO met with Trump in January
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02The Securities and Exchange Commission has dropped its case and appeal against Ripple Labs,
00:06according to ABC News. CEO Brad Garlinghouse made the announcement on the social media platform
00:13X on Wednesday. The decision potentially spares Ripple from a $125 million fine.
00:20The SEC had sued Ripple in 2020, alleging the company violated security laws by raising over
00:25$1 billion through XRP token sales. A 2023 court ruling found XRP tokens were not
00:31securities but upheld a fine for sales to international investors.
00:36Ripple donated $5 million to Trump's inaugural committee, and its CEO met with Trump in January.