đš SEC PUSHES FOR $1.95B PENALTY IN FINAL RULING AGAINST RIPPLE đš
In a startling development in the ongoing legal clash between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the SEC has urged a New York judge to impose a massive $1.95 billion fine on the company. This staggering sum includes $876 million in disgorgement, $198 million in prejudgment interest, and a hefty $876 million civil penalty.
The case, initiated in December 2020, revolves around accusations that Ripple Labs and its executives violated federal securities laws by selling XRP to both institutional and retail clients. Despite a prior ruling by Judge Analisa Torres last July, which deemed the sale of XRP on exchanges and through algorithms compliant with U.S. law, the SEC continues to pursue Ripple's institutional XRP transactions.
In justifying the substantial fine, the SEC asserts the importance of sending a strong message to stakeholders in the cryptocurrency realm, deterring similar misconduct. Stuart Alderoty, Ripple Labs' chief legal officer, has pushed back against the SEC's proposal, denouncing the regulator's tactics and pledging to provide a rebuttal in due time.
As the legal confrontation escalates, attention is focused on the New York court for its decision on the SEC's motion and Ripple Labs' forthcoming counterarguments. Stay tuned for updates as this high-stakes legal saga unfolds. đŒđ„
- Professor Mende signing off
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