• 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

Bitcoin Price Approaches Cyclical Bottom

chest

Recent analysis indicates that Bitcoin is currently at a significant price level, suggesting a potential cyclical bottom.

user avatarLi Weicheng

Bitcoin Price Declines Amid Bear Market

chest

Bitcoin's price is significantly below its all-time high, indicating a bear market.

user avatarAisha Farooq

Bitcoin Sharpe Ratio Indicates Market Conditions

chest

The Bitcoin Sharpe Ratio is at a historically low level, suggesting high risks for current investors.

user avatarTenzin Dorje

CFTC Expands Eligible Margin Collateral to Include National Trust Bank Issued Stablecoins

chest

The CFTC has updated its advisory to recognize payment stablecoins issued by national trust banks as eligible margin collateral.

user avatarBayarjavkhlan Ganbaatar

Digital Asset Firms Push for National Bank Charters to Enhance Credibility

chest

Digital asset firms are competing for national bank charters to enhance credibility and expand services under federal oversight.

user avatarElias Mukuru

Bitcoin Mining Difficulty Sees Major Drop Amid Price Struggles

chest

Bitcoin mining difficulty has dropped significantly, marking the largest adjustment since China's crackdown on mining.

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.