Cryptocurrencies

Ripple Vs. SEC: Will Lawsuit Conclude With Settlement Soon? Update on the Legal Battle.

The legal battle between Ripple and the Securities and Exchange Commission (SEC) is escalating with no clear resolution in sight. The dispute centers around Ripple’s violation of securities laws and the disagreement between the two parties on the appropriate remedy. Ripple has proposed a $10 million civil penalty as opposed to the SEC’s request for nearly $2 billion in fines for institutional XRP sales violations.

The SEC suggested a civil penalty of $876,308,712 along with other monetary punishments, but Ripple argues that the amount should not exceed $10 million. The company’s lawyers point out that no fraud was alleged, and the SEC failed to prove that Ripple knowingly broke the law, making the proposed fines excessive.

Additionally, Ripple claims that the SEC made accounting errors in calculating the fines, overlooking key expenses incurred by the company. The legal battle also involves disagreements about expert witnesses and the necessity of an injunction against Ripple conducting unregistered offerings.

Despite these challenges, Ripple asserts that it has made significant changes to comply with regulations and prevent future violations. The company’s President, Monica Long, provided a declaration outlining the steps taken to avoid similar issues. The ongoing legal proceedings between Ripple and the SEC highlight the complexities and consequences of regulatory enforcement in the cryptocurrency industry.



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