Back in December of 2020 the SEC had filed a lawsuit against the payment processing company Ripple. The SEC claimed that the token used by Ripple (XRP) were considered a security and not a crypto-currency. By allowing the purchases of the token, Ripple was accused of manipulating the price of XRP to lure investors and raise funds while omitting that investors were purchasing a security and not a token.
Earlier in the week, Judge Sarah Netburn, granted the SEC a small win in allowing the one additional week for the discovery phase. Many speculators expected the lawsuit to drag on to the end of the year. However, Friday afternoon, the SEC filed documents to dismiss the lawsuit with the intentional of dedicating resources towards upcoming legislative battle.
Many believe this move comes after Biden’s executive order on crypto-currency. While it didn’t list any specifics, the crypto world has embraced the executive order as an important stepping stone towards the security of the future.
The price of XRP is hovering over $.82 cents are the news broke and we should see it sky rocket and more news outlets inform the public.