• 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

HYPE Token Experiences Significant Surge Amid Positive Predictions

chest

The HYPE token associated with Hyperliquid has surged over 8%, reaching 37 dollars, with predictions of hitting 150 dollars by August 2026.

user avatarMaya Lundqvist

Hyperliquid Sets New Records in RWA Trading Amid Geopolitical Turmoil

chest

Hyperliquid's trading platform has recently achieved remarkable milestones, surpassing 13 billion in open interest and 14 billion in weekend volume for Real World Assets amid geopolitical turmoil.

user avatarKaterina Papadopoulou

Potential Factors for Trump Coin's Recovery

chest

There are speculations about potential recovery for Trump Coin if economic conditions change.

user avatarLeo van der Veen

Target Cuts Prices on Thousands of Items to Boost Sales

chest

Target announces price cuts on 3,000 items to attract customers and boost sales.

user avatarLi Weicheng

Across Protocol Considers Revolutionary Token-for-Equity Swaps

chest

Across Protocol is considering a significant structural change by proposing token-for-equity swaps, which could revolutionize DeFi.

user avatarAisha Farooq

Stablecoins Recognized as Key Winners in Cryptocurrency Market

chest

Stablecoins are recognized as the only clear structural winners in the cryptocurrency market due to their ties to physical assets like the dollar.

user avatarTenzin Dorje

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.