The article Ripple vs. SEC: Ripple Faces $2 Billion Fine as SEC Seeks Penalties appeared first on Coinpedia Fintech News
As predicted by James K. Filan, the summary regarding the remedies of the United States Securities and Exchange Commission has finally been disclosed to the public. It was discovered that the SEC is imposing a staggering $2 billion fine against Ripple Labs as a claim for damages. Stuart Alderoty, Ripple's Chief Legal Officer, also provided a response.
Proposed fine of 2 billion USD
As you'll see when the SEC's brief is released tomorrow, they ask the Judge to impose $2 billion in fines and penalties. April 1 https://t.co/HM8dBbn7lp
— Stuart Alderoty (@s_alderoty) March 25, 2024
The SEC has sought $2 billion in fines in its lawsuit against Ripple Labs over the sale of XRP cryptocurrency. Although James K. Filan has said that the documents will be made publicly available on March 26, the crypto community already knew about this through Ripple's Chief Legal Officer, X post by Stuart Alderoty .
Alderoty expressed Ripple's skepticism over the SEC's move. Alderoty stated, “As you will see when the SEC brief becomes public tomorrow, they ask the Judge to impose $2 billion in fines and penalties. Our response will be submitted next month, but as we have all seen time and time again, this is a regulator dedicated to making false statements, misrepresenting them and aiming to mislead. ”
If imposed, the proposed $2 billion penalty would leave a significant mark on the cryptocurrency regulatory landscape.
The legal dispute between Ripple Labs and the SEC has been going on since December 2020, when the SEC accused Ripple and its executives of violating federal securities laws.
However, the case is not over yet as we have to wait another month for Ripple's brief response to the SEC's remedies and then, possibly, a hearing on the remedies phase. begin.
