The Final Chapter of the Ripple Case: SEC Seeks $2 Billion Fine, Ripple Executives Criticize Aggressively
The victory in 2023 does not mean that Ripple will walk away unscathed. The “Ripple selling coins to institutional investors” has been recognized by the judge as a securities sale, which still awaits a final ruling (this year). The penalty request submitted by the SEC to the court has drawn criticism from Ripple executives.
Title: Ripple Faces SEC’s Request for a $2 Billion Fine
Ripple is about to face the end of the case?
CEO of Ripple criticizes the SEC
Ripple Faces SEC’s Request for a $2 Billion Fine
Lawyer James K. Filan pointed out that the U.S. Securities and Exchange Commission (SEC) has submitted supplemental documents to the court, and the public version will be submitted by the 26th.
Ripple Labs’ General Counsel, Stuart Alderoty, retweeted James K. Filan’s tweet, revealing that the SEC has requested a $2 billion fine against Ripple.
Stuart Alderoty expressed anger:
Ripple will respond next month, but as we have seen repeatedly, the SEC always issues statements with erroneous descriptions and misleading statements. The SEC does not faithfully enforce the law, but instead seeks to punish and intimidate Ripple and the entire cryptocurrency industry.
Ripple case is about to come to an end?
Previously reported, the victory in 2023 does not mean that Ripple will walk away unscathed. At that time, the judge recognized “Ripple selling coins to institutional investors” as a securities sale, which still awaits a final ruling (this year).
Other charges in the Ripple case, including investment contracts and token sales distribution, have been dismissed for Ripple’s two executives.
(Why say the SEC has not surrendered? The Ripple case still awaits a final judgment, and the SEC can still appeal next year.)
Ripple CEO criticizes the SEC
Ripple CEO Garlinghouse also criticized on Twitter:
SEC, led by Gary Gensler, has repeatedly acted unlawfully, but the judge did not overlook the agency’s serious abuse of power granted by Congress (DEBT Box case) and its failure to adhere to the law in the Ripple case. Let’s not forget that Gensler has been ignoring the fraud committed by SBF in the past.
DEBT Box case details: (
To enforce the law by any means necessary? SEC’s lawsuit sanctioned for providing false evidence: deliberate deception, serious abuse of power
)
SEC
XRP
Ripple
Further reading
Considering an IPO outside the U.S., Ripple CEO: SEC will evaluate listing in the U.S. only with a new chairman
BlackRock’s fake XRP ETF document leaks, XRP briefly rises 15% and falls back to the original level
