🚨 Breaking News: SEC Seeks $1.9 Billion Judgment Against Ripple Labs! 💼
🔍 The Securities and Exchange Commission (SEC) has filed its proposed final judgment, aiming for a $1.9 billion penalty in the case against Ripple Labs.
📰 Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty revealed the development, stating their intention to file a response next month.
👎 Alderoty criticized the SEC for making false and misleading statements, while Garlinghouse accused the agency of overstepping its bounds.
💰 If approved by the judge, Ripple would need to pay the $1.9 billion within 30 days. Additionally, the company would be barred from conducting unregistered Institutional Sales offerings.
⚖️ This legal battle has been ongoing for years, with the SEC alleging that Ripple knowingly violated securities laws.
👩⚖️ Last summer, Judge Analisa Torres issued a summary judgment, ruling that Ripple's institutional sales of XRP could be deemed as unregistered securities transactions, but not all sales were qualified.
Stay tuned for more updates on this developing story!
