The long-running legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple is in its final stages. On April 22, Ripple filed an opposition brief contesting the penalties and disgorgement amounts requested by the SEC.
The SEC, in its remedies motion, sought a significant financial fine adding up to $1.95 billion. This is a sum of the $876.3 million civil penalty, $876.3 million disgorgement, and $198.15 million prejudgment interest. Ripple strongly disagreed with these figures. The company’s arguments centered on three key points:
In addition to contesting the penalties, Ripple outlined steps taken to comply with regulations. The company emphasized changes made to XRP sales practices, including obtaining licenses for international sales and revising contracts to address the court’s concerns. These actions demonstrated a commitment to adhering to legal requirements.
Stuart Alderoty publicly voiced his concerns regarding the SEC’s demands. He emphasized the lack of fraud or recklessness allegations in the case and pointed out that Ripple had already prevailed on significant issues. Alderoty characterized the SEC’s financial requests as intimidation against the cryptocurrency market in the U.S.
Ripple CEO Brad Garlinghouse also weighed in, stating that Ripple filed its response on the same day two SEC lawyers resigned for misconduct. The XRP community is also firmly behind the company.
XRP is trading at $0.5528, up 1.12% over the past 24 hours. XRP also shows a 26.14% increase in trading volume over the same period. XRP is up over 11% over the past week, and many anticipate a strong performance if Ripple holds its ground against the SEC.
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