While the Ripple-SEC case continues, new developments are also taking place. At this point, Ripple objected in a petition to the court that the SEC should pay a penalty of $ 2 billion.
At this point, Ripple chief legal director Stuart Alderoty stated in his post on his
“Our opposition to the SEC's $2 billion penalty on legacy corporate sales is now public. We openly oppose this penalty request.
“The SEC's request, in a case in which there is no allegation (or finding) of negligence or fraud, and in which Ripple won on important issues, is evidence of the ongoing intimidation against all cryptocurrencies in the United States.”
“We are confident that the judge will approach the situation and the request fairly at the final solution stage.”
Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing… https://t.co/GLcdsyInZW
— Stuart Alderoty (@s_alderoty) April 23, 2024
“We Are Ready to Pay 10 Million Dollars!”
While Ripple opposed the SEC's $2 billion penalty in its petition to the court, it agreed to pay the fine because the court ruled that the company violated the Securities Act by offering XRP under corporate investment agreements.
In this context, Ripple said, “Based on the SEC's weak arguments and fines in other digital asset cases, the civil penalty should not exceed $10 million.” Wrote.
As you may remember, in 2023, judge Analisa Torres ruled that some of Ripple's retail sales of XRP did not violate securities laws. However, it ruled that other direct sales of XRP to institutional investors were securities.
*This is not investment advice.
