• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

SEC Seeks $2 Billion Fine from Ripple Labs

user avatar

by Giorgi Kostiuk

2 years ago


The U.S. SEC has proposed a $1.95 billion penalty against Ripple Labs and has requested a New York court to evaluate the seriousness of the company's actions. Through a proposed final judgment submitted to Judge Analisa Torres on Monday, the SEC is pushing for a fine that includes disgorgement, prejudgment interest, and a civil penalty. The SEC's main argument is focused on the severity and prevalence of Ripple's alleged misconduct, stressing the importance of sending a strong message as a deterrent to Ripple and other entities considering public capital raising through unregistered crypto-asset transactions. Ripple has been in disputes with the SEC for years following accusations of unregistered securities transactions. A recent ruling favored Ripple in certain XRP sales but upheld the SEC's claims on direct sales to institutional investors. The current dispute is centered on these direct institutional sales, with the SEC alleging that Ripple earned nearly $1 billion unlawfully. This action is believed to undermine the regulatory requirement for securities transactions to be registered, endangering the financial market's legal structure. Ripple's response to the SEC's approach and penalties has been critical, describing them as misleading and punitive. Ripple plans to submit a formal response by April 22, as directed by the SEC.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

New Guidelines Seek to Improve Reporting Quality.

chest

A new editorial policy has been established to ensure accuracy, relevance, and impartiality in reporting.

user avatarMohamed Farouk

XRP's Design Offers Greater Protection Against Quantum Threats Compared to Bitcoin

chest

Experts suggest that XRP's design minimizes exposure to potential quantum attacks compared to Bitcoin.

user avatarElias Mukuru

Senators Question Trump's Attendance at Controversial Memecoin Luncheon

chest

Three Democratic senators have questioned the potential attendance of President Trump at a memecoin luncheon, raising ethical concerns about misleading promotions.

user avatarDiego Alvarez

Concerns Grow Over Bitcoin's Future Amid High Volatility

chest

Concerns grow over Bitcoin's future due to high volatility, which is four times that of the S&P 500. The launch of Bitcoin ETFs may lead to a market reversal, prompting investors to reconsider their positions.

user avatarKenji Takahashi

Polymarkets Surpasses $4 Billion in Total Volume with Chainlink Integration

chest

Polymarkets' five-minute and fifteen-minute crypto markets have surpassed $4 billion in total trading volume, with over $200 million generated in the first week of trading.

user avatarMaria Fernandez

Zcash Surges Past Resistance Level, Analyst Predicts Bullish Trend

chest

Zcash (ZEC) has surged past the resistance level of a Descending Triangle pattern, indicating a potential bullish trend.

user avatarGustavo Mendoza

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.