🚨 SEC SEEKS $1.95B FINE IN FINAL JUDGMENT AGAINST RIPPLE 🚨
The U.S. Securities and Exchange Commission (SEC) has dropped a bombshell in its ongoing legal battle with Ripple Labs, urging a New York judge to slap the company with a staggering $1.95 billion fine. This jaw-dropping figure comprises $876 million in disgorgement, $198 million in prejudgment interest, and a whopping $876 million civil penalty.
The case, which dates back to December 2020, centers on allegations that Ripple Labs and its executives violated federal securities laws by selling XRP to institutional and retail customers. Despite a ruling last July by Judge Analisa Torres that the sale of XRP on exchanges and through algorithms did not breach U.S. law, the SEC has remained steadfast in its pursuit of Ripple’s institutional XRP sales.
In a move to justify the eye-watering fine, the SEC argued that it's essential to send a robust message to actors in the crypto asset space, warning against similar abuses. Stuart Alderoty, Ripple Labs' chief legal officer, fired back at the SEC's proposal, criticizing the regulator's tactics and vowing to respond in due course.
As the legal showdown intensifies, all eyes are on the New York court for its verdict on the SEC's motion and Ripple Labs' forthcoming response. Stay tuned for updates as this high-stakes saga unfolds. 💼💥
- Professor Mende out
