{"id":11984,"date":"2024-03-26T12:21:39","date_gmt":"2024-03-26T10:21:39","guid":{"rendered":"https:\/\/forklog.com\/en\/sec-seeks-2-billion-penalty-for-ripple-labs\/"},"modified":"2024-03-26T12:21:39","modified_gmt":"2024-03-26T10:21:39","slug":"sec-seeks-2-billion-penalty-for-ripple-labs","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-seeks-2-billion-penalty-for-ripple-labs\/","title":{"rendered":"SEC Seeks $2 Billion Penalty for Ripple Labs"},"content":{"rendered":"<p>The United States Securities and Exchange Commission (SEC) intends to request a court to impose a $2 billion fine on Ripple Labs, including penalties. This information has reached the firm&#8217;s legal representatives.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">As you will see when the SEC\u2019s brief is made public tomorrow, they ask the Judge for $2B in fines and penalties. 1\/4 <a href=\"https:\/\/t.co\/HM8dBbn7lp\">https:\/\/t.co\/HM8dBbn7lp<\/a><\/p>\n<p>\u2014 Stuart Alderoty (@s_alderoty) <a href=\"https:\/\/twitter.com\/s_alderoty\/status\/1772339308151849153?ref_src=twsrc%5Etfw\">March 25, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the company&#8217;s chief legal officer, Stuart Alderoty, the official statement from the agency will be released on March 26.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cOur response will be filed next month, but as we see time and again, the regulator advances false, misinterpreted, and misleading claims. They remain true to their approach,\u201d he wrote.<\/p>\n<\/blockquote>\n<p>In December 2020, the Commission filed a lawsuit against the firm, accusing it of selling unregistered securities in the form of XRP worth approximately $1.3 billion.<\/p>\n<p>Ripple&#8217;s CEO Brad Garlinghouse and co-founder Chris Larsen were also named as defendants.<\/p>\n<p>In July 2023, Judge Analisa Torres ruled in favor of Ripple. She determined that programmatic sales and other distributions of the token do not constitute an offer and sale of investment contracts.<\/p>\n<p>However, according to the verdict, the sale of coins to major industry players violated U.S. securities laws.<\/p>\n<p>In October, the SEC dropped charges against Garlinghouse and Larsen.<\/p>\n<p>The case concerning institutional sales of XRP by the company is ongoing. In February, a district judge <a href=\"https:\/\/u1f987.com\/en\/news\/court-orders-ripple-to-disclose-financial-documents-to-sec\">granted the regulator&#8217;s motion<\/a> regarding the provision of Ripple&#8217;s financial information and token sales to large investors.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">The SEC plans to ask the Judge for $2B in a case that involved no allegations (let alone findings) of fraud or recklessness. There is absolutely no precedent for this. We will continue to expose the SEC for what they are when we respond to this. <a href=\"https:\/\/t.co\/LdMQFQm70j\">pic.twitter.com\/LdMQFQm70j<\/a><\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1772340438671966496?ref_src=twsrc%5Etfw\">March 25, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe SEC plans to request $2 billion in a case that involved no allegations of fraud or recklessness (let alone findings). There is absolutely no precedent for this,\u201d commented Garlinghouse.<\/p>\n<\/blockquote>\n<p>In February, Ripple investors <a href=\"https:\/\/u1f987.com\/en\/news\/investors-renew-class-action-lawsuit-against-ripple\">filed<\/a> an updated class action lawsuit against the company, accusing it of violating securities laws.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States Securities and Exchange Commission (SEC) intends to request a court to impose a $2 billion fine on Ripple Labs, including penalties. This information has reached the firm&#8217;s legal representatives. As you will see when the SEC\u2019s brief is made public tomorrow, they ask the Judge for $2B in fines and penalties. 1\/4 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,112,128],"class_list":["post-11984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ripple","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=11984"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11984\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/11983"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=11984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=11984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=11984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}