The case's conclusion highlights a broader regulatory change that began after President Donald Trump took office, with the SEC dropping Biden-era lawsuits and forming a crypto task force to clarify securities law in digital assets. The agency's recent actions, including dropping a similar lawsuit against Coinbase, suggest a move towards becoming an ally to the crypto industry. This shift is seen as a significant development in the cryptosphere, with experts noting that the SEC's handling of the Ripple case could indicate a deeper regulatory transformation.
Key takeaways:
- The SEC has dropped its lawsuit against Ripple, marking the end of a significant regulatory case in the crypto industry.
- Ripple's XRP cryptocurrency spiked over 13% following the announcement of the lawsuit's conclusion.
- The case was initially brought under President Joe Biden, claiming XRP was an unregistered security, and its conclusion indicates a shift in regulatory approach.
- The SEC's decision to drop the case is part of a broader trend of regulatory changes in the crypto space, including the creation of a crypto task force.