Cryptocurrencies
Cryptocurrency at Center of SEC Dispute Tumbles as Agency Appeals Judgment
- XRP has dropped almost 20% in last four trading sessions
- Bitwise filed this week to offer an XRP exchange-traded fund
This article is for subscribers only.
XRP, the cryptocurrency that has been the focal-point of a long running legal battle between its issuer and the SEC, slumped as much as 11% after the agency appealed an earlier court ruling that was viewed as favorable for the company.
Ripple Labs Inc. was sued in 2020 by the US Securities and Exchange Commission, which claimed the San Francisco-based company broke the law when it raised money by selling the digital token without registering it as a security. Last year, US District Judge Analisa Torres found XRP was covered by securities law only when sold to institutional investors, a ruling hailed as a major victory for the industry.