Critical Statement from the SEC About the Ripple (XRP) Case!
In their statement, SEC officials shared some details about the penalty the company will receive in the Ripple case.
The US Securities and Exchange Commission (SEC) opposed Ripple's efforts to reduce the fines, stating that the firm "admitted nothing."
The SEC rejected Ripple's request for lower fines in its lawsuit against the regulator, saying last week that the circumstances were different when determining penalties for Terraform.
Ripple, which has been in a legal battle with the SEC since 2020, compared the regulator's proposed $2 billion penalty for selling to institutional investors to penalties imposed on Terraform Labs in a "notice of additional authority" filed with the New York district court on June 13.
However, the SEC argued on June 14 that Terraform and Ripple have different conditions. SEC lawyers wrote, âAsking the court to tie the criminal decision in this case to the settlement in Terraform, Ripple stated that the corporate defendant here is in liquidation, is 'completely bankrupt,' burned the keys to all its cryptocurrency securities, and agreed to return a significant amount to investors in these securities.â "He does not note that he did so and that he dismissed two of the board members responsible for the violations," he said.
âRipple is not accepting any of these damages, in fact, Ripple is not accepting any of them,â the SEC added.
