• 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

PEPE Coin Enters Deeper Corrective Phase Following Significant Selloff

chest

PEPE has entered a deeper corrective phase following a significant selloff, experiencing a 48% decline in value and trading around its yearly low.

user avatarLi Weicheng

Nevada Takes Legal Action Against Coinbase Over Event Contracts

chest

The Nevada Gaming Control Board has filed a lawsuit against Coinbase for offering event contracts that resemble unlicensed sports betting.

user avatarAisha Farooq

OpenAI's Sam Altman Critiques Anthropic's Super Bowl Ads

chest

OpenAI CEO Sam Altman critiques Anthropic's Super Bowl ads, praising their humor but calling them dishonest, highlighting the rivalry between the two AI companies.

user avatarTenzin Dorje

Anthropic Takes Aim at OpenAI with Super Bowl Ads

chest

Anthropic launches its first Super Bowl ad campaign targeting OpenAI's decision to include ads in ChatGPT, highlighting potential disruptions to user interactions.

user avatarBayarjavkhlan Ganbaatar

Increased Social Media Interest in Ethereum Amid Market Fluctuations

chest

Ethereum is seeing heightened interest on social media due to its price movements and investment strategies.

user avatarElias Mukuru

Leaked Emails Show Bill Gates Foundation Evaluating Ripple's Technology

chest

Leaked emails from the Bill Gates Foundation reveal early assessments of Ripple and Stellar compared to the Mojaloop payment platform.

user avatarMohamed Farouk

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.