HE IS OFFICIALLY MOCKING XRP INVESTORS
SAME GAME, SAME LOG
Ripple (XRP) CEO Brad Garlinghouse criticized the crypto world's biased stance by defending the SEC's Ethereum ETFs. Speaking at an event in Las Vegas, Garlinghouse stated that Ripple Labs' XRP token and Ethereum's main cryptocurrency, Ether, should be regulated as securities. This comes at a time when the SEC continues to create uncertainty regarding crypto regulations. Garlinghouse also accused SEC Chairman Gary Gensler of "unethical" actions, and uncertainty remains over whether Ether ETFs will be approved.
As the legal battle between Ripple and the US Securities and Exchange Commission (SEC) escalates, the crypto community awaits the SEC's response petition. This petition is expected to be filed today, May 6, 2024, and is expected to be an important step in the litigation process.
On April 22, Ripple filed a notice of appeal with the SEC, seeking a penalty of approximately $2 billion.
“The lawsuit requires the SEC to deny claims for injunctive relief, disgorgement, and prejudicial interest, and impose a maximum civil penalty of $10 million,” Ripple stated in the petition.
The SEC ordered Ripple to pay approximately $876 million in ill-gotten gains, $198 million in prejudicial interest, and $876 million in fines, for a total of $1.95 billion. Legal analysts are watching closely as the SEC prepares its response brief; The SEC's response is likely to focus on strengthening its claims for the damages it seeks. While Bill Morgan, an attorney and XRP fan, notes that the amount Ripple will have to pay is significant, he thinks the decision on the SEC's request for injunctive relief is more important.
