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Cryptocurrency NewsSEC Targets Ripple Labs with $2 Billion Fine for Regulatory
Misconduct


SEC TARGETS RIPPLE LABS WITH $2 BILLION FINE FOR REGULATORY MISCONDUCT



27/03/2024
By Thomas Daniels


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In a significant legal development, the Securities and Exchange Commission (SEC)
of the United States has taken a firm stance against Ripple Labs, proposing a
monumental $1.95 billion fine. The action underscores the regulatory body’s
intent to uphold the sanctity of market laws, addressing what it perceives as a
glaring contravention of securities regulations by the digital currency
enterprise.

This proposition was formally presented to Judge Analisa Torres of a New York
district court early this week, encapsulating a breakdown of the penalty to
include $876 million in disgorgement, $198 million in prejudgment interest, and
an additional $876 million labeled as a civil penalty.



Central to the SEC’s litigation strategy is its characterization of Ripple Labs’
operations as egregiously violative, with the agency emphasizing the need for a
robust punitive response. Such a response, according to the SEC, serves a dual
purpose: penalizing Ripple Labs while simultaneously broadcasting a cautionary
note to similarly positioned firms considering the public solicitation of
capital via crypto-assets outside regulatory purview. This narrative was
expounded in the SEC’s court filings, reflecting the agency’s overarching
objective to preserve market integrity.

Ripple’s entanglement with the SEC dates back several years, rooted in
allegations that the firm raised over $1.3 billion through the sale of XRP, a
digital asset the SEC categorizes as an unregistered security.

Despite Ripple achieving a nuanced victory last year, where Judge Torres
differentiated between the company’s “programmatic” and direct institutional
sales of XRP—the former cleared of securities law violations—the ongoing dispute
centers on the latter. The SEC contends that Ripple’s direct sales to
institutional entities effectively sidestepped mandatory securities registration
protocols, undermining the legal framework safeguarding financial market
operations.

The SEC’s filing paints a stark picture of Ripple’s conduct, arguing that the
company’s conversion of digital codes into significant monetary gain, sans
regulatory adherence, poses a severe threat to the legal and regulatory
foundations of the financial markets.

Countering, Ripple’s executive cadre has vocally criticized the SEC’s
prosecutorial approach as both punitive and misleading. Via a public statement
on the social media platform X, Ripple’s legal representative, Stuart Alderoty,
accused the SEC of leveraging intimidation tactics rather than adhering to
lawful regulatory practices, vowing a detailed counter-response slated for
release by April 22.

source


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