Ripple Spells Out Penalty Terms To SEC

April 24, 2024 9:04 pm Comments

Ripple Labs shot back at the Securities and Exchange Commission with its latest filing on Monday.

After the SEC demanded nearly $2 billion from Ripple, the firm responded by saying that any penalty imposed by the government bureaucracy should be $10 million or less.

The SEC has been growing bolder with the sums it is demanding from cryptocurrency firms.

Everyone’s favorite rogue government agency has demanded billions from Binance, Terraform Labs, and Ripple Labs.

Here are the corresponding court documents and more on the latest developments in the SEC vs Ripple lawsuit:

CoinDesk broke down the hefty SEC penalty:

The SEC’s proposal asked the court to order Ripple Labs to pay $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty, amounting to a total of $1.95 billion. 

Attorney Jeremy Hogan stated: “The SEC has BIG legal problems to address if it wants to get a win against Ripple, and I still think it squandered its opportunity to get ahead with its first brief.”

Daily Coin noted the SEC’s growing legal troubles in other cases:

Further complicating matters for the SEC, two of their lawyers recently resigned following a judge’s sanctions against the Commission in a separate case, citing “gross abuse of power” by the SEC.

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