Ripple’s victory in 2023 does not mean that it will withdraw completely. At that time, “Ripple’s sale of coins to institutional investors” was recognized by the judge as a securities sale, which still awaits a final ruling (this year). The penalty request submitted by the SEC to the court has drawn criticism from Ripple executives.
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Market manipulation is also guilty! The U.S. Securities and Exchange Commission (SEC) has officially sued Ripple and two executives for selling $1.3 billion of unregistered securities and manipulating the price of the currency.
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SEC seeks $2 billion fine against Ripple
Will the Ripple case soon come to an end?
Ripple CEO criticizes SEC
SEC seeks $2 billion fine against Ripple
Lawyer James K. Filan pointed out that the U.S. Securities and Exchange Commission (SEC) has submitted supplemental documents to the court, and the public version will be submitted before the 26th.
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Ripple Labs’ General Counsel, Stuart Alderoty, retweeted James K. Filan’s tweet, revealing that the SEC has requested a $2 billion fine against Ripple from the New York judge.
Stuart Alderoty expressed anger:
Ripple will respond next month, but as we have repeatedly seen, the SEC always issues statements with inaccurate descriptions and misleading information. The SEC has not faithfully executed the law, but instead is determined to punish and intimidate Ripple and the entire cryptocurrency industry.
Will the Ripple case soon come to an end?
Previous reports stated that the victory in 2023 does not mean that Ripple will withdraw completely. At that time, the judge recognized “Ripple’s sale of coins to institutional investors” as a securities sale, which still awaits a final ruling (this year).
Other charges in the Ripple case, including investment contracts and token sales distribution, have been dismissed against the two Ripple executives, which is good news.
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Why say that the SEC has not surrendered? The Ripple case still awaits a final judgment, and the SEC can still appeal next year.
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Ripple CEO criticizes SEC
Ripple CEO Garlinghouse also criticized on Twitter:
The SEC, led by Gary Gensler, has repeatedly acted unlawfully, but the judge did not overlook the institution’s serious abuse of the power granted by Congress (DEBT Box case) and its failure to faithfully comply with the law (Ripple case). Let’s not forget that Gensler has always ignored the fraud committed by SBF in the past.
DEBT Box case details: (
Resorting to any means for enforcement? SEC’s lawsuit sanctioned for presenting false evidence: deliberate misinformation, serious abuse of power.
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Further reading
Considering overseas IPO, Ripple CEO: SEC will evaluate listing in the U.S. only with a new chairman
BlackRock’s fake XRP ETF document leaked, XRP briefly rose 15% and then returned to its original level.