Fine

Read

Billion

<ul>
 <li>Ripple disputes SEC’s proposed $2 billion fine, arguing for a $10 million penalty.</li>
 <li>The legal dispute stems from the SEC’s claims of $1.3 billion in unauthorized XRP sales.</li>
 <li>Ripple emphasizes transparency and alignment with legal requirements despite legal conflicts in its institutional sales strategy.</li>
</ul>
Ripple Labs makes an official statement regarding the Securities and Exchange Commission (SEC) proposal to pay an almost $2 billion fine. In a recent court filing, Ripple contended that the appropriate fine should be about $10 million, significantly less than what the SEC is asking.
Ripple’s Chief Legal Officer, Stuart Alderoty, criticized the SEC’s request, labelling it as a tactic of intimidation against the cryptocurrency sector in the United States. Alderoty stated that the company has prevailed on legal issues without any allegations of recklessness or fraud being proven.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing… <a href="https://t.co/GLcdsyInZW" rel="noopener noreferrer nofollow">https://t.co/GLcdsyInZW</a>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1782579957874749647?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 23, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
Court Developments and Ripple’s Position
The legal conflict between Ripple and the SEC has persisted for several years, originating from the SEC’s allegations that Ripple raised $1.3 billion through unauthorised sales of its XRP token. However, in a significant development last year, Judge Analisa Torres found that not all XRP sales violated securities laws, pointing out that some transactions involved a blind bid process. Despite this, the SEC continues to assert that Ripple has conducted billions of dollars worth of institutional sales of unregistered security.
In their defence, Ripple mentioned changes made to their sales strategy after the court’s ruling, which they believe align with legal requirements. The company emphasized that its institutional sales were transparent, dealing with informed and sophisticated entities that understood the nature of the transactions.
Financial Adjustments and Legal Outlook
The SEC’s filing last month divided the proposed fines into $876 million in disgorgement, $198 million in prejudgment interest, and a civil penalty of $876 million. Ripple countered by questioning the justification for disgorgement and prejudgment interest and suggesting that a reasonable civil penalty should not exceed $10 million.&nbsp;
The firm reiterated that its actions were not severe and had dealt fairly with well-informed participants over the past eight years.
As the case approaches its conclusion, Ripple expressed confidence in the fairness of the upcoming judicial decisions, hopeful that the final ruling will reflect the complexities and nuances of the case rather than the inflated penalties proposed by the SEC.
Stakeholders in the cryptocurrency industry are keenly awaiting the resolution of this case, as it is expected to set important precedents for how digital assets are regulated and managed in the U.S. market.
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/how-will-secs-2-billion-fine-impact-ripple-labs-and-xrp-investors/" rel="noopener noreferrer nofollow">How Will SEC’s $2 Billion Fine Impact Ripple Labs and XRP Investors?</a></li>
 <li><a href="https://cryptonewsland.com/how-will-ripple-react-to-the-secs-2b-settlement-and-its-impact-on-xrp-prices/" rel="noopener noreferrer nofollow">How Will Ripple React to the SEC’s $2B Settlement and its Impact on XRP Prices?</a></li>
 <li><a href="https://cryptonewsland.com/nvidia-fined-5-5m-for-hiding-crypto-mining-sales/" rel="noopener noreferrer nofollow">Nvidia Fined $5.5M for Hiding Crypto Mining Sales</a></li>
 <li><a href="https://cryptonewsland.com/bitmex-founders-fined-30m-for-illegal-operations/" rel="noopener noreferrer nofollow">BitMEX Founders Fined $30M for Illegal Operations</a></li>
 <li><a href="https://cryptonewsland.com/ofac-slaps-poloniex-with-hefty-fine-for-sanctions-missteps/" rel="noopener noreferrer nofollow">OFAC Slaps Poloniex with Hefty Fine for Sanctions Missteps</a></li>
</ul>
The post <a href="https://cryptonewsland.com/ripple-labs-challenges-secs-2-billion-fine-demand/" rel="noopener noreferrer nofollow">Ripple Labs Challenges SEC’s $2 Billion Fine Demand</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Ripple Labs Challenges SEC’s $2 Billion Fine Demand

Crypto News Land

2024년 4월 23일에 게재된 다른 기사

Pepe Coin Price Rallies Ahead Coinbase Futures Listing

Luna Classic’s Rally and Dip: Bitbot Crypto Presale Draws Focus

Litecoin Price Prediction 2024: Can LTC Price reach $200 in 2024?

Celsius waiting to unstake $470M in Ethereum amid bankruptcy

Ethereum Price Analysis: Whale Accumulation Fuels Potential Breakout Rally to $4000

Two SEC Lawyers Resign Amid Crypto Case Power Abuse Censure

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!