Impact

Fine

Read

Billion

<ul>
 <li>Ripple contests SEC’s $2 billion fine, asserting it should be capped at $10 million for fairness.</li>
 <li>SEC demands $2 billion citing XRP sales, while Ripple argues it’s disproportionate.</li>
 <li>Ripple’s defense highlights lack of recklessness or fraud allegations, advocating for a just resolution.</li>
</ul>
<p>Ripple’s objection to <a href="https://cryptonewsland.com/ripple-labs-challenges-secs-2-billion-fine-demand/" rel="noopener noreferrer nofollow">SEC’s $2 billion fine</a> reflects a pivotal moment in the ongoing legal saga between the blockchain company and the regulatory authority. Despite the staggering amount demanded by the SEC, Ripple stands firm in its belief that the penalty should not exceed $10 million, emphasizing principles of fairness and proportionality.</p>
<p>The Securities and Exchange Commission (SEC) has been relentless in its pursuit of Ripple, seeking substantial financial penalties as retribution for <a href="https://cryptonewsland.com/ripple-challenges-secs-new-expert-materials-in-ongoing-legal-battle/" rel="noopener noreferrer nofollow">alleged violations</a>. With the SEC’s recent motion urging a federal judge to enforce the multi-billion-dollar fine, Ripple finds itself at the forefront of a high-stakes legal battle that could significantly impact the cryptocurrency industry.</p>
<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">
   <p lang="en" dir="ltr">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" rel="noopener noreferrer nofollow">https://t.co/GLcdsyInZW</a></p>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1782579957874749647?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Central to <a href="https://www.dropbox.com/scl/fi/z57n3w37mr6mirqaajutn/Ripple-Remedies-Opposition-4.22.24.pdf?rlkey=dzxh1l6z47qcczbckorjncchp&amp;e=1&amp;dl=0" rel="noopener noreferrer nofollow">Ripple’s objection</a> is the assertion that the proposed fine is unjustifiably exorbitant, far surpassing what the company deems reasonable. By advocating for a $10 million cap, Ripple aims to challenge the SEC’s punitive measures and secure a more balanced outcome.</p>
<p>The heart of Ripple’s argument lies in the disparity between the SEC’s demands and the actual revenue generated by the company. Ripple contends that the proposed fine, if imposed, would far exceed a proportionate penalty, casting doubt on the fairness of the SEC’s approach.</p>
<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">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/XRPCommunity?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRPCommunity</a> <a href="https://twitter.com/hashtag/SECGov?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SECGov</a> v. <a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripple</a> <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a><a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Ripple</a> has filed its Opposition to the <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SECGov</a>'s Motion for Remedies and Entry of Final Judgment.<a href="https://t.co/Q0OOay1jdt" rel="noopener noreferrer nofollow">https://t.co/Q0OOay1jdt</a></p>— James K. Filan <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1ee-1f1ea.png" alt="🇮🇪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@FilanLaw) <a href="https://twitter.com/FilanLaw/status/1782578348423573898?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Moreover, Ripple underscores the absence of allegations or findings of recklessness or fraud in the case, emphasizing its commitment to legal compliance and ethical business practices. By refuting the notion of egregious misconduct, Ripple seeks to mitigate the severity of the SEC’s proposed sanctions.</p>
<p>As the legal proceedings unfold, Ripple remains steadfast in its defense, bolstered by its legal team’s unwavering determination to challenge the SEC’s assertions. With each filing and courtroom argument, Ripple strives to uphold its integrity while advocating for a resolution that reflects the principles of justice and equity.</p>
<p>Looking ahead, the future of Ripple in the crypto industry holds promise despite the ongoing legal challenges. As a pioneering force in blockchain technology, Ripple continues to innovate and expand its presence, driving forward the adoption of digital assets and revolutionizing the global financial landscape. With resilience and determination, Ripple remains poised to overcome obstacles and emerge stronger, reaffirming its leadership role in shaping the future of finance.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/how-will-secs-2-billion-fine-impact-ripple-labs-and-xrp-investors/" rel="noopener noreferrer nofollow">How Will SEC’s $2 Billion Fine Impact Ripple Labs and XRP Investors?</a></li>
 <li><a href="https://cryptonewsland.com/how-will-ripple-react-to-the-secs-2b-settlement-and-its-impact-on-xrp-prices/" rel="noopener noreferrer nofollow">How Will Ripple React to the SEC’s $2B Settlement and its Impact on XRP Prices?</a></li>
 <li><a href="https://cryptonewsland.com/ripple-labs-challenges-secs-2-billion-fine-demand/" rel="noopener noreferrer nofollow">Ripple Labs Challenges SEC’s $2 Billion Fine Demand</a></li>
 <li><a href="https://cryptonewsland.com/nvidia-fined-5-5m-for-hiding-crypto-mining-sales/" rel="noopener noreferrer nofollow">Nvidia Fined $5.5M for Hiding Crypto Mining Sales</a></li>
 <li><a href="https://cryptonewsland.com/sbfs-legal-battle-cryptocurrencys-crucible-of-justice/" rel="noopener noreferrer nofollow">SBF’s Legal Battle: Cryptocurrency’s Crucible of Justice</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/ripple-vs-sec-the-2-billion-battle-unveiled-will-justice-prevail-at-10-million/" rel="noopener noreferrer nofollow">Ripple vs SEC: The $2 Billion Battle Unveiled – Will Justice Prevail at $10 Million?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ripple vs SEC: The $2 Billion Battle Unveiled – Will Justice Prevail at $10 Million?

Crypto News Land

Other articles published on Apr 24, 2024

Binance burns over $1.17b in BNB tokens

Crypto Market Shakeup? New Whales Invest 2X More Than Established Players

Amid regulatory changes, Binance delists Cardano (ADA) and Polygon (MATIC) perpetual contracts

Worldcoin representatives meet Malaysian leaders to address privacy concerns

Australia emerges as a rising crypto ATM hub

Marlin Price Analysis: Where’s POND Crypto Price Headed?

Join our free newsletter for daily crypto updates!