Ripple (CCC:XRP-USD) is on the rise Friday after a fake press release claimed that the U.S. Securities and Exchange Commission (SEC) dismissed the lawsuit against the crypto company.
The fake XRP press release was uploaded to Law.com and claims that the lawsuit was dismissed for a few reasons. It also pulls in a fake quote from Mary Jo White, an attorney that previously served as the 31st chair of the Securities and Exchange Commission from 2013 to 2017.
Here’s a portion of the fraudulent press release.
“In the most recent development, 13 entries counted as internal SEC documents have been removed from the public view after the SEC filed a motion to protect said documents. For the Ripple Army (the ripple community), this counted as a sign of the SEC having something to hide.
With 2 out of 5 SEC commissioners Hester Peirce and Elad Roisman, stating publicly that the SEC lacks clarity in the crypto space and positioning themselves on the defendant’s side, the SEC stood more and more on thin ice.
The SEC dropping the case against Ripple, provides reassurance for other crypto companies, and leaves leeway for further innovation in the industry.”
Charles Gasparino, a Fox Business Network reporter, clarified on Twitter (NYSE:TWTR) that the press release is fake. According to him, Ripple is aware of the false lawsuit dismissed press release and is working to have it taken down. The company notes that the press release wasn’t sent by it.
Fake or not, XRP is heading 8.3% higher over a 24-hour period as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.