2024

April

Ripple Labs rejected the U.S. SEC’s request to recover $2 billion from the company for institutional sales of XRP tokens. 
Ripple’s <a href="https://www.dropbox.com/scl/fi/z57n3w37mr6mirqaajutn/Ripple-Remedies-Opposition-4.22.24.pdf?rlkey=dzxh1l6z47qcczbckorjncchp&amp;e=1&amp;dl=0" target="_blank" rel="">lawsuit</a> states that the amount involved is much smaller and that the agency is trying to intimidate players in the digital asset market. The company filed a motion to dismiss the <a href="https://crypto.news/tag/sec/" target="_blank" rel="">SEC</a>‘s lawsuit alleging $2 billion. Last month, the agency sent documents to the court demanding that the company recover those funds. 
The list of claims includes $876 million in compensatory damages, $198 million in interest on the amount mentioned, and another $876 million in civil penalties. 
 You might also like: <a href="https://crypto.news/sec-drops-lawsuit-against-ripple-and-its-execs/" rel=""> SEC drops lawsuit against Ripple and its execs </a> 
Representatives from <a href="https://crypto.news/tag/Ripple/" rel="">Ripple</a> acknowledged selling tokens to institutional clients. However, the company’s officials noted that the civil fine cannot exceed $10 million. The company also rejected the SEC’s accusations of the ongoing practice of selling XRP to institutions. 
Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized that the SEC’s allegations are based on a lost case for the agency. Alderoty believes the agency is trying to demonstrate its intention to persecute crypto companies to intimidate market participants. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing… <a href="https://t.co/GLcdsyInZW" target="_blank" rel="">https://t.co/GLcdsyInZW</a>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1782579957874749647?ref_src=twsrc%5Etfw" target="_blank" rel="">April 23, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<blockquote class="wp-block-quote"> 
 “In a case that had no suspicion (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing intimidation against all of crypto in the U.S.” <cite>Stuart Alderoty, Ripple’s Chief Legal Officer</cite>
</blockquote> 
In July 2023, the company <a href="https://crypto.news/judge-orders-ripple-and-sec-to-schedule-possible-settlement-conference/" target="_blank" rel="">won</a> a partial victory in an SEC lawsuit. The court found that XRP’s retail sales do not violate securities laws. However, the trial is still ongoing, with the next meeting slated to be on XRP’s institutional sales. 
 You might also like: <a href="https://crypto.news/live/ripple-vs-sec/" rel=""> Ripple vs. SEC </a>

Ripple asks court to reject SEC’s $2b claims

crypto.news

Other articles published on Apr 23, 2024

Crypto.com’s South Korea launch hit by regulatory roadblock

Solana Shiba (SOLSHIB) and Bitcoin Robot (BTCROB) to Explode Over 6,600%, as SHIB and WIF Lag

BIG SHIB Price Prediction: Shiba Inu Price Eyeing $1 Before Bitcoin Halving?

PayPal Innovates with Eco-Friendly Bitcoin Mining Incentives

Bitcoin miners underwater as production costs surge post-halving

Ethereum Price Analysis: Whale Accumulation Fuels Potential Breakout Rally to $4000

Join our free newsletter for daily crypto updates!