๐๐Buckle up, BTC enthusiasts! Ripple is in a legal tussle with the US Securities and Exchange Commission (SEC) over a proposed $2 billion penalty. The company thinks that's a bit steep, suggesting a $10 million fine instead. ๐ค๐ฐ
The lawsuit, which has been dragging on for over three years, accuses Ripple and its executives of conducting an unregistered securities offering by selling its XRP token. The SEC's hefty fine proposal was met with resistance from Ripple's chief legal officer, Stuart Alderoty, who argued that the fine should not exceed $10 million. ๐๏ธ๐จโโ๏ธ
Ripple's lawyers are standing their ground, comparing the case with the one between the SEC and Terraform Labs. They argue that the SEC has previously agreed that civil penalties should range from 0.6% to 1.8% of the defendantโs gross revenue, and that Ripple's fine should follow suit. ๐ง๐
Despite the ongoing trial, Ripple's CEO Brad Garlinghouse is optimistic, anticipating a resolution by summer 2024. Meanwhile, American lawyer Jeremy Hogan envisions a $100 million settlement. ๐โณ
The lawsuit's outcome could have a significant impact on XRP's price, which has reacted positively after each of Ripple's partial court wins. So, keep your eyes peeled, folks! This legal rollercoaster ride is far from over! ๐ข๐
