#BREAKING :
#SEC to Seek $2 Billion Fine from Ripple (
$XRP )
In a recent development that lacks clear details, the SEC is reportedly seeking a fine of $2 billion from Ripple (XRP) developer Ripple Labs.
- Ripple's Chief Legal Officer, Stuart Alderoty, addressed the situation, stating:
"The SEC is seeking a $2 billion fine and sanctions, as revealed in their forthcoming summary. While our response will be available next month, it's evident that the SEC continues its pattern of relying on false, ambiguous statements meant to mislead. Instead of upholding the law, they persist in punishing and intimidating Ripple and the broader industry. We trust the court will handle the resolution phase fairly."
- Ripple CEO, Brad Garlinghouse, commented on the matter:
"The SEC, under Gensler's leadership, has repeatedly acted beyond its legal bounds, as noted by judges for its 'gross abuse of authority' (DEBT Box case) and failure to adhere to the law (Ripple case). Let's not forget Gensler's indifference to the
#FTX scam. Seeking a $2 billion fine in a case devoid of fraud or recklessness allegations is unprecedented. We'll continue to reveal the SEC's actions as we respond."
- Co-founder of Ripple, Chris Larsen, weighed in:
"Gensler's SEC has disrupted the balance. The SEC's unilateral belief in being above the law, dragging the U.S. behind other G20 nations, should not go unnoticed, especially in an election year."
*This is not financial advice.
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