Ripple-SEC While the case continues, new developments are also taking place. At this point, Ripple objected to the SEC’s decision that Ripple should pay a $2 billion penalty in a petition submitted to the court.
at this point Ripple chief legal officer Stuart Alderoty said: In his post on his account,
“Our opposition to the SEC’s $2 billion penalty request for legacy corporate sales is now public. We openly oppose this penalty request.
“The SEC’s request, in a case in which there is no allegation (or finding) of negligence or fraud, and in which Ripple won on important issues, is evidence of the ongoing intimidation against all cryptocurrencies in the United States.”
We are confident that the judge will approach the situation and the request fairly at the final solution stage.”
Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no investigation (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… https://t.co/GLcdsyInZW
— Stuart Alderoty (@s_alderoty) April 23, 2024
“We Are Ready to Pay 10 Million Dollars!”
Ripple While it opposed the SEC’s $2 billion penalty in its petition to the court, it agreed to pay the fine because the court ruled that the company violated the Securities Act for offering XRP under corporate investment agreements.
In this context, Ripple “Based on the SEC’s weak arguments and fines in other digital asset cases, the civil penalty should not exceed $10 million.” Wrote.
As you may remember, in 2023, judge Analisa Torres ruled that some of Ripple’s retail sales of XRP did not violate securities laws. However XRPIt ruled that ‘s other direct sales to institutional investors were securities.
*This is not investment advice.
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