The legal conflict between Ripple and the SEC approaches a critical juncture with the presentation of final arguments.
Ripple suggests imposing a $10 million charge as a countermeasure to the SEC’s proposition of $2 billion in sanctions, highlighting the comparatively lesser penalties imposed on BlockFi and Genesis Global.
Ripple contends that the fine imposed by the SEC is excessive and lacks proportionality with regard to settlements as opposed to judgments.
The Securities and Exchange Commission (SEC) has determined that the penalty amount for Ripple’s breaches of the Securities Act and its extensive sales of XRP is $1 billion.
Stuart Alderoty, the Chief Legal Officer of Ripple, criticized the SEC’s latest X filing as redundant and devoid of new material. He has confidence in the impartiality of the court and anticipates a favorable result.
As this legal battle nears its conclusion, the cryptocurrency world eagerly awaits the final ruling. The verdict might have a significant and immediate effect on the regulation of the sector.
Two weeks ago, Ripple has defended itself against the SEC’s demand for roughly $2 billion in fines for selling its cryptocurrency, XRP, to institutional investors without registration.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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