Here’s How Much The SEC Is Demanding From Ripple
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March 27, 2024 10:25 pm
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After Ripple Labs secured a major, yet partial victory against the Securities and Exchange Commission, the SEC doubled down with ludicrous demands.
Revealed as part of the remedies phase in the ongoing lawsuit, the SEC is now demanding nearly $2 billion from Ripple Labs as a core feature of any settlement between the government regulator and the blockchain company. The Block provided this statement from Ripple’s Chief Legal Officer Stuart Alderoty:
“Our response will be filed next month, but as we all have seen time and again, this is a regulator that trades in statements that are false, mischaracterized, and designed to mislead.
They stayed true to form here. Rather than faithfully apply the law, the SEC remains bent on wanting to punish and intimidate Ripple – and the industry at large.”
This tactic is now becoming a pattern of behavior for the rogue government agency, as it also demanded insane sums of money from Binance and faced widespread criticism for its behavior in the Debt Box case.
It must be noted that the SEC’s $2 billion is merely a demand at this point, it has not been finalized, and the SEC may still lose the case outright.
Multiple outlets all highlighted the insane sum requested by the Securities and Exchange Commission:
Ripple Labs CEO Brad Garlinghouse said on X that the SEC will seek $2 billion in fines and penalties in its legal fight over the XRP crypto token. https://t.co/0YgvNcyxWn
— Bloomberg Crypto (@crypto) March 25, 2024
JUST IN : SEC Seeks $2 Billion Judgment Against Ripple Labs
— drager (@Drager4434) March 25, 2024
SEC seeks $1.95 billion fine in final judgment against Ripple Labs, alleging violations of federal securities laws.⚖️🔎
— Moby Media (@mobymedia) March 26, 2024
🚨 SEC to seek $2 billion in fines and penalties from Ripple Labs
— Satoshi Stacker (@StackerSatoshi) March 25, 2024
Daily Coin explained:
The $2 billion figure being circulated represents the SEC’s claim, not a predetermined penalty by the court. The verdict is yet to be determined, and the final judgment could be significantly less or even entirely removed, depending on the court’s decision.
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