(Bloomberg) – Ripple CEO Brad Garlinghouse said the Securities and Exchange Commission lawsuit against Crypto Company has ended.
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“This provides a lot of certainty for Ripple,” Garlinghouse said in an interview Wednesday on Bloomberg TV. He estimated that the San Francisco-based blockchain infrastructure company spent more than $150 million on its own.
A SEC spokesman declined to comment.
Some of the lawsuits between Ripple and the SEC are still ongoing. In 2023, Ripple was suing part of a ruling that found that some of the historic sales of XRP should be registered with the institution. The $125 million fine currently in Escrow is on balance. Ripple decides whether Ripple wants to continue pursuing the fine, which is Ripple’s chief legal officer, or whether he wants to continue paying the fine.
“We’re just recommending that at this point,” Alderory said.
The price of XRP tokens at the heart of the conflict rose 15% to $2.59 on Wednesday. XRP is the third largest cryptocurrency due to its Bitcoin and post-etheric market value, and is the token used in the Ethereum blockchain. XRP has risen nearly 400% since Trump’s election victory in November.
Meanwhile, Ripple is focusing on the acquisition, Garlinghouse said. He said that initial public offering applications are not a priority.
“We’ll look at other things as blockchain infrastructure companies,” he said.
Securities regulators have fired or suspended several other legal cases and investigations targeting crypto companies, including some of the industry’s most prominent players. The running tally includes high-profile lawsuits against Crypto Exchange Coinbase Global Inc. and Binance Holdings Ltd.
Trump became a crypto advocate on the campaign trail last year, and after basking donations and praise from industry members who were shaking from legal crackdowns under President Joe Biden’s administration, he has pledged a friendly US regulatory environment for digital assets. Ripple was a major political donor during the last parliamentary election cycle.
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