SEC Asks Judge To Order Ripple To Pay Nearly $2,000,000,000 in Fines and Penalties

The U.S. Securities and Exchange Commission (SEC) has asked a judge to order Ripple to pay approximately $2 billion in fines and fines.

The SEC first filed charges against the payments company in late 2020 for allegedly selling XRP as an unregistered security.

Last summer, U.S. District Judge Annalisa Torres ruled that Ripple’s automated open market sales of XRP (known as programmatic sales) were not security products, contrary to SEC claims. I put it down.

However, the judge upheld the SEC’s argument that Ripple’s direct sales of XRP to institutional investors constituted an offering of securities.

James K. Phelan, a defense attorney and cryptocurrency legal expert, said: share A new motion filed with the court on Monday seeking SEC relief and entry into final judgment.

SEC orders Ripple to pay $876,308,712 in disgorgement fees, $198,150,940 in prejudgment interest, and $876,308,712 in civil penalties, totaling approximately $1.95 billion. I asked.

Regulators claim:

“Ripple’s nearly $1 billion worth of securities law violations over the years alone warrant injunctions, significant penalties, and the deprivation of Ripple’s profits. Additional evidence demonstrates the egregious nature of Ripple’s illegal conduct. “We have demonstrated the importance of this relief in providing deterrence and ensuring the cessation of Ripple’s illegal activities.”

Stuart Alderroti, Chief Legal Officer of Ripple, said: Blame The SEC prohibited trading in “statements that are false, mischaracterized, or designed to mislead.”

“Rather than faithfully applying the law, the SEC still wants to punish and intimidate Ripple and the industry as a whole. We believe the courts will approach the remedial step fairly.”

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