2024-03-27
In a breaking development whose exact details are unclear, the SEC will seek to impose a $2 billion Penalties on Ripple (XRP) developer Ripple Labs.
Ripple Chief Legal Officer Stuart Alderoty announced the development as follows:
As you will see tomorrow when the SEC briefing is made public, they are asking the judge to pay $2 billion in fines and penalties.
Our answer will be published next month, but as we have seen time and time again, this is a lie, vague and deceptive effort by the administrator.
They preserved their style here too.
Instead of complying with the law, the SEC is trying to punish and intimidate Ripple and the entire industry.
We hope that the courts will act fairly during the solution phase.
However, Ripple CEO Brad Garlinghouse made the following statement regarding the development:
The SEC, led by Gensler, once again violated the law and was punished for "causing gross abuse of the authority granted by Congress."
He received a warning from a judge (DEBT Box case) and "did not comply with the law" (Ripple case).
Let's not forget Gensler's complaint about the FTX scam.
The SEC plans to ask the judge for $2 billion in a case where there are no allegations of fraud or abuse, let alone findings.
There is no example of this. “We will continue to publicize what the SEC is as we respond to this.”
Ripple co-founder Chris Larsen has this to say about the development:
The disruption in the balance of the SEC under Gensler's management raises concerns about accountability and fairness.
It's essential for voters to consider these issues in an election year to ensure regulatory bodies uphold the rule of law and maintain competitiveness on the global stage and the fact that the SEC alone believes itself to be above the law and leaves the United States behind other G20 countries cannot and should not be ignored.
