SEC Seeking $2 Billion in Fines From Ripple in XRP Case

One of the most important legal battles for the digital asset market took an interesting turn Tuesday. Specifically, the US Securities and Exchange Commission (SEC) reportedly seeks $2 billion in fines from Ripple in the two sides’ ongoing XRP lawsuit.

The specifics of the request are still sealed until Wednesday, following an agreement by both sides. However, Ripple CEO Brad Garlinghouse took to X (formerly Twitter) to share the imposed penalty the agency seeks. Garlinghouse promised to “expose the SEC” in Ripple’s response.

Ripple
Source – PYMNTS.com

Also Read: Ripple: XRP Forecasted To Rise 15 Cents, Reach $ 0.79

SEC Asking New York Judge To Impose $2 Billion in Penalties to Ripple, Says CEO

The remedies phase of the case began this week, with the details of the agency’s briefing set to go public on Wednesday. However, it has now come to light that the SEC is seeking $2 billion in fines from Ripple for the ongoing XRP case. The development was originally shared by Ripple chief legal officer Stuart Adleroty.

Brad Garlinghouse noted the fine is requested for a case that “involved no allegations (let alone findings) fraud or recklessness.” In a subsequent post, Garlinghosue said that the SEC has consistently “acted outside of the law” during the case. However, he also noted that this behavior has not gone unnoticed by judges who have spoken out against the agency.

Also Read: Ripple XRP: Historical Trend Hints at 30% Surge in April

Additionally, Ripple co-founder and executive chairman, Chris Larsen, commented on the development. He said that Gensler’s agency “has become unhinged.” While also stating that the agency “thinks it’s above the law,” based on its consistent behavior.

The development is yet another signal of the SEC’s distaste and distrust for the digital asset market. Earlier this month, reports surfaced of its budding legal campaign against Ethereum. Despite its past decisions, it was seeking to overturn the precedent and change its security status.

Therefore, the change would threaten its chance to be the second digital asset to receive a Spot ETF. The first, Bitcoin, has been tremendously successful since the SEC was left with no other choice than to approve the investment products in January.

  • ripple xrp
  • sec

Comments

Post a Comment

Popular posts from this blog

Tron rising as Rebel Satoshi’s Early Bird presale phase sells out

Rebel Satoshi presale ongoing.  Supporters bullish on RBLZ  TRON could soar to $0.2 in 2024. Tron (TRX) is on a tear, but some analysts are still skeptical. Amid this, Rebel Satoshi (RBLZ), a new crypto project, has caught the attention of investors. Rebel Satoshi draws investors Rebel Satoshi has been attracting investors with its unique blend of a meme coin and a movement focused on reshaping the crypto landscape.  As investors seek alternatives to underperforming assets, they are drawn to Rebel Satoshi’s narrative and Features . At the heart of Rebel Satoshi lies RBLZ, a governance and membership token. You might also like: Analysts focus on Rebel Satoshi, Shiba Inu, and Zcash ahead of crypto bull run Holding RBLZ grants a stake in the movement and provides access to quests, rewards, and a community dedicated to shaping a fully decentralized crypto future. The early stages of Rebel Satoshi’s public presale have seen over 10 million tokens sold within just 48 ho
Read more

Lloyds Bank issues urgent warning of crypto scams in the UK

Image
A recent press release issued by Britain’s Lloyds Bank shares that crypto scams that have surged 23% over the course of the year. Young investors between the ages of 25 and 34 years old are said to be the most prevalent target for these attacks. Social media home base The press release goes on to report victims of crypto investment scams are facing an average loss of £10,741, marking an increase from the previous year’s £7,010.  Additional data goes on to state that 66% of all investment scams originate on social media platforms, with Instagram and Facebook emerging as the primary sources. You might also like: Kraken helps UK police in recovering $2m in stolen crypto Crypto investors were then said to make an average of three payments before realizing they were involved in a scam, meaning that it would often take 100 days from the date of the first transaction before a report was issued to the bank. Unfortunately, by the time it was, Lloyds shares that the money is ty
Read more

Rebase Tokens: What Are They & How Do They Work?

Image
If you're interested in cryptocurrency, you've probably noticed that the price of many digital assets can be highly volatile. This can make it challenging to use cryptocurrency as a means of exchange or as a store of value. Rebase tokens, also known as elastic tokens, seek to offer a solution to this problem.  In this article, we'll explore what rebase tokens are, how they work, and whether or not they might be a good investment for you.  What Are Rebase/Elastic Tokens? Rebase tokens are a type of cryptocurrency that adjusts their supply to maintain price stability. This is in contrast to traditional cryptocurrencies, which have a fixed supply determined at the time of their creation. Rebase tokens achieve price stability through a process known as a "rebase," which is triggered at regular intervals (e.g., every 24 hours). During a rebase, the supply of the token is adjusted based on a predetermined formula.  For example, if the demand for a re
Read more