Request

Gary

Fine

Billion

<h4><strong>This request made public in a Tuesday court document, highlights the rising tensions in this high-profile case.</strong></h4> 
<p>The heart of <a href="https://news.bitcoin.com/judge-orders-ripple-to-comply-with-secs-new-discovery-requests-concerning-xrp/" target="_blank" rel="noopener">the dispute</a> lies in the SEC’s allegations against Ripple Labs, regarding its digital currency, XRP.</p> 
<h5><strong>Rising Stakes in Ripple Case</strong></h5> 
<p>The SEC has accused Ripple of conducting a securities offering without proper registration, a claim that Ripple has vehemently denied. This case, closely monitored by the crypto industry and regulators, may set a crucial precedent for U.S. digital currency law.</p> 
<p>The SEC’s sealed motion last Friday triggered strong reactions from Ripple’s leadership. Stuart Alderoty, <a href="https://www.altcoinbuzz.io/?s=ripple" target="_blank" rel="noopener">Ripple’s</a> Chief Legal Officer, took to the social media platform X to express his disdain for the SEC’s actions. He accused the SEC of misleading tactics, promising Ripple’s response next month.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">The U.S. Securities and Exchange Commission (<a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a>) is seeking nearly $2 billion in fines from <a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw">#Ripple</a> Labs in the <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> lawsuit. <a href="https://t.co/WMIjUoQfRL">https://t.co/WMIjUoQfRL</a></p> 
 <p>— Bitcoin.com News (@BTCTN) <a href="https://twitter.com/BTCTN/status/1772905074957639974?ref_src=twsrc%5Etfw">March 27, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Ripple CEO Brad Garlinghouse also did not hold back in his criticism of the SEC, particularly targeting SEC Chair Gary Gensler. Garlinghouse charged Gensler’s SEC with legal overreach, citing judicial reprimands. He highlighted the “gross abuse of the power entrusted to it by Congress” in the Debt Box case and the lack of “faithful allegiance to the law” in the Ripple case as examples of the SEC’s alleged overreach. Here is the <a href="https://www.dropbox.com/scl/fi/dlff8b0lhkoa5bf26qvv5/SEC-Motion-for-Remedies-Package.pdf?rlkey=xz9gd0tabgzug8n982270w77j&amp;dl=0" target="_blank" rel="noopener">official document</a> for more info.</p> 
<h5><strong>More About The SEC % Ripple</strong></h5> 
<p>Furthermore, Garlinghouse highlighted the SEC’s oversight of the FTX fraud by Sam Bankman-Fried. This critique reflects the crypto community’s call for clear and fair digital currency regulation.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">That Gary is planning to go after ETH and declare it a security should come at no surprise.</p> 
 <p>He publicly stated that both XRP and ETH are likely "noncompliant securities" all the way back in April 2018.</p> 
 <p>Then he met with Clayton a day before the SEC lawsuit against Ripple was… <a href="https://t.co/9Y0THw8i3Z">pic.twitter.com/9Y0THw8i3Z</a></p> 
 <p>— Anders <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f3c1.png" alt="🏁" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f30f.png" alt="🌏" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@X__Anderson) <a href="https://twitter.com/X__Anderson/status/1770672776132649032?ref_src=twsrc%5Etfw">March 21, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The request for nearly $2 billion in fines against Ripple marks a pivotal moment in the legal battle between Ripple and the SEC. It underscores the ongoing debate over the classification of digital currencies and the extent of regulatory oversight.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone size-full wp-image-123701" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-1068x132.jpg 1068w" alt="" width="1197" height="148"></a></p> 
<div class="youtube-embed" data-video_id="t3HdHR0I9OY">
 <iframe title="3 Mid-Cap Crypto GEMS for 2024 - Easy 50X Altcoins?" width="696" height="392" src="https://www.youtube.com/embed/t3HdHR0I9OY?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div> 
<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/sec-targets-ripple-with-2-billion-fine-request/">SEC Targets Ripple with $2 Billion Fine Request</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

SEC Targets Ripple with $2 Billion Fine Request

Altcoin Buzz

Other articles published on Mar 27, 2024

Ethereum ETF Approval Signaled By Grayscale?

Morgan Stanley Set To Approve Bitcoin ETFs In The Next 2 Weeks: Insider

Coinbase Legal Setback: Court Rejects Motion To Dismiss SEC's Securities Allegations

TRON (TRX) and IOTA (MIOTA) investors rush into Kelexo (KLXO) lending opportunities lured by 20X ...

Solana’s Jupiter DEX launches native DAO, secures $137m in initial capital

Ripple Spikes To $74 Due To Glitch, Then Corrects, Bullish Outlook For Injective And Bittensor Ch...

Join our free newsletter for daily crypto updates!