Fake Ripple Press Release Claimed The SEC Case Ended: Report

Another fake Ripple press release that emerged on the Internet, claimed that the SEC case against the crypto company ended which is not the case, so let’s read more in our latest Ripple news today.

Accesswire retracted the claims that Ripple and the SEC reached an ending to their battle while Ripple’s main lawyer said that the users have to beware and not trust the story that was false. Accesswire published a new press release that claimed Ripple finished the battle with the SEC but Stuart Alderoty, the General Counsel for Ripple responded by calling the story fake, which the news outlied reacted and removed the story from their site.

Though the original link was taken down, Accesswire’s article was archived in advance and the story was titled “SEC vs Ripple Legal Fight is OVer” claiming Ripple announced that the SEC had dropped the charges. The lawsuit is still ongoing for more than 10 months but the article claimed that the SEC and Ripple settled and the SEC would drop the charges. The fake ripple press release caused chaos on the internet because many people thought it was true.

The press release continued by summarizing the history of the legal fight between SEC and Ripple but as we all know too well, the SEC charged Ripple last December with offering $1.3 billion of unregistered securities to investors in the form of XRP. Ripple fired back and claimed that the asset was not securities and called the lawsuit a direct attack on the entire crypto industry which resulted in hiring Mary Jo White as a former SEC chair to defend them. After almost a year in the intense battle, today’s release claimed that the XRP ledger could not be labeled as security using the Howie Test. It claimed that the new developments will bring even more confidence to the entire industry and will encourage the exchanges to finally re-list the coins. It also cited other sources of support for ripple including the one of the former US Treasurer Rosie Rios.

The release was picked by Yahoo Finance and shared by many on Twitter who showed quite the skepticism. This is when the Ripple General Counsel caught the wind of the news and responded saying that It is fake. Both AccessWire and Yahoo Finance removed the press release from the sites. The recent story only shows another fake press release from earlier this month. Walmart allegedly planned to start accepting LTC payments but the story was immediately debunked. However, it did cause chaos as well. Walmart is yet to adopt crypto payments and Ripple is still battling with the SEC, with the latest decision of the federal judge that denied Ripple permission to access the records of the SEC’s members’ crypto tradign history.