Ripple Faces Hefty Fine from SEC

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by Giorgi Kostiuk

3 years ago

Made with AI

Ripple is currently dealing with a significant challenge from the SEC, who is seeking almost $2 billion in penalties from the company. The SEC has faced setbacks in various cases recently, including a defeat in the Grayscale case on the path to Bitcoin ETF approval. This situation has become common, raising questions about the specifics of this latest development.

Ripple’s Legal Battle

Ripple, the company behind XRP Coin, has been locked in a legal dispute with the SEC since the end of 2020. Despite a summary judgment ruling that XRP Coin sales on exchanges were not securities, institutional sales were subject to a ruling in the SEC's favor. Consequently, the SEC is pushing for a substantial penalty against Ripple for non-compliance.

In a recent filing on March 25th at the U.S. District Court for the Southern District of New York, SEC lawyers are requesting court approval for penalties totaling $1.95 billion across three categories: - $308,712 in Disgorgement - $150,940 in Prejudgment Interest - $308,712 in Civil Penalties

SEC’s Stance on Ripple

SEC lawyers argue that Ripple can easily cover the fine but legal commentator Jeremy Hogan critiques this stance. The SEC believes that the penalties demonstrate Ripple's continued unauthorized selling of XRP and their willingness to pay the consequences.

Ripple's Chief Legal Officer Stuart Alderoty has voiced that the SEC is looking to penalize and scare Ripple and pledged a response in April.

This article was originally published on COINTURK NEWS.

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