SEC reveals why Ripple should be fined for $2 billion

SEC reveals why Ripple should be fined for $2 billion
фото показано с : cryptoslate.com

2024-3-26 15:20

The US Securities and Exchange Commission (SEC) has detailed the rationale behind its insistence that crypto company Ripple should be fined roughly $2 billion in a March 25 court filing.

Ripple’s top brass, including CEO Brad Garlinghouse and CLO Stuart Alderoty, had previously hinted at the SEC’s forthcoming move. They said that redacted versions of the court documents would be released to the public by March 26.

Today, the SEC’s proposal was unveiled, laying out its request for Ripple Labs to pay $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty. The total sum amounts to $1.95 billion.

Why SEC wants Ripple fined $2 billion

The SEC proposed a massive fine against Ripple because of the substantial volume of unregistered XRP sales over the past three years. According to the regulator, this move is necessary to deter similar actions across the broader crypto industry.

In addition, the Gary Gensler-led Commission alleged that Ripple has failed to acknowledge its violations of securities laws. The commission criticized Ripple for misrepresenting a prior court ruling on XRP as a complete victory and continuing to deflect responsibility.

The SEC noted that Ripple has not taken adequate steps to rectify its behavior, such as providing withheld information to past institutional investors. Instead, Ripple has reduced transparency regarding its XRP sales while blaming the SEC for its actions.

Moreover, the SEC accused Ripple of deliberately circumventing the law. The regulator pointed out that an unnamed law firm had advised the crypto company against selling XRP for cash or promoting it as an investment.

Consequently, the SEC emphasized the need for a significant penalty to prompt Ripple to rectify its actions by registering securities sales and necessary disclosures or refraining from selling securities altogether.

It added:

“The SEC asks the Court to consider how easily actors, particularly in the crypto asset space, can today engage in the same sort of conduct as Ripple’s and send a strong message that such abuses will not be tolerated.”

The post SEC reveals why Ripple should be fined for $2 billion appeared first on CryptoSlate.

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Объем 24H $6.703b
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ripple sec fined billion should brad ceo

Источник: cryptoslate.com

ripple sec → Результатов: 126


Ripple files cross-appeal challenging SEC’s XRP institutional sales ruling

Stuart Alderoty, Ripple’s chief legal officer, said “the SEC can’t submit new evidence or ask us to produce more” Ripple’s Form C requests that each issue is subjected to a de novo standard of review Ripple’s cross-appeal follows a week after the SEC filed its cross-appeal against a previous ruling that partially favored Ripple Ripple […] The post Ripple files cross-appeal challenging SEC’s XRP institutional sales ruling appeared first on CoinJournal.

2024-10-26 15:27


Глава Ripple о новой апелляции SEC: «Будем бороться столько, сколько потребуется»

Комиссия по ценным бумагам и биржам США (SEC) подала апелляцию на решение суда по делу против Ripple, что вызвало резкую реакцию руководства компании. Глава Ripple Брэд Гарлингхаус (Brad Garlinghouse) заявил о готовности продолжать борьбу в суде.

2024-10-3 09:10


Why Ripple May Never Deliver Substantial Profit Despite a Win Against SEC: XRP Bulls Eye This 30% Short-Term Move

The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has been a long and arduous one, with both sides presenting their arguments in court. As the case nears its conclusion, many in the XRP community are speculating about the potential impact a favorable ruling for Ripple could have on the price […] The post Why Ripple May Never Deliver Substantial Profit Despite a Win Against SEC: XRP Bulls Eye This 30% Short-Term Move appeared first on CaptainAltcoin.

2024-5-4 21:45


Фото:

Ripple CEO criticizes SEC for stifling crypto innovation with aggressive enforcement

Ripple CEO Brad Garlinghouse said the U.S. SEC’s actions toward the crypto industry have failed in protecting investors and needs to reassess its regulatory strategy. Speaking to CNBC’s Dan Murphy at the Ripple Swell conference in Dubai, Garlinghouse expressed concern about the SEC’s focus and questioned: “Who are they protecting in this journey?” The CEO […] The post Ripple CEO criticizes SEC for stifling crypto innovation with aggressive enforcement appeared first on CryptoSlate.

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