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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$ 0.5035 (+0.38%)
Объем 24H $921.471m
Изменеия 24h: -3.42 %, 7d: -5.61 %
Cегодня L: $0.5005 - H: $0.5193
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ripple sec fined billion should brad ceo

Источник: cryptoslate.com

ripple sec → Результатов: 126


Фото:

Ripple CEO criticizes SEC for stifling crypto innovation with aggressive enforcement

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2023-11-12 05:00


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SEC сняла обвинения против руководителей Ripple

Комиссия по ценным бумагам и биржам США (SEC) добровольно сняла обвинения с генерального директора Ripple Брэда Гарлингхауса и сооснователя компании Криса Ларсена, в результате чего курс XRP вырос до $0,5309.

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The U.S. Securities and Exchange Commission (SEC) moved to file an interlocutory appeal against Ripple on Aug. 18 as part of its ongoing case against the firm. Judge Analisa Torres in the Southern District of New York previously issued rulings on Ripple’s programmatic exchange sales of XRP and its distributions of XRP as payment for […] The post SEC moves to appeal Ripple’s earlier victory appeared first on CryptoSlate.

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Judge grants SEC request to file appeal in Ripple case

Judge Analisa Torres has allowed SEC to file an appeal against July 13 ruling on XRP. SEC to file by August 18 and Ripple to respond by September 1. The latest Ripple news is that Judge Analisa Torres, who ruled in July that public sales of XRP did not constitute an investment contract and thus […] The post Judge grants SEC request to file appeal in Ripple case appeared first on CoinJournal.

2023-8-18 22:49


Ripple требует отклонить апелляцию SEC

Компания Ripple Labs выступила против апелляции Комиссии по ценным бумагам и биржам США (SEC) на решение суда о непризнании токена XRP ценной бумагой. В письме суду юристы Ripple объяснили, что SEC не смогла выполнить тест Хауи в отношении XRP.

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