2024

United

April

James

<p>The post <a href="https://coinpedia.org/news/ripple-made-court-filling-pubic-says-secs-2bn-penalty-demand-is-unconventional/" rel="noopener noreferrer nofollow">Ripple Made Court Filling Pubic, says SEC’s $2Bn Penalty Demand is Unconventional</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Ripple, the blockchain payments firm, is gearing up for a legal battle against the U.S. Securities and Exchange Commission (SEC) over the agency’s demand for a staggering $2 billion in penalties. The <a href="https://coinpedia.org/news/ripple-vs-sec-ripple-to-file-response-on-secs-2bn-penalty-demand-today-on-april-22/" rel="noopener noreferrer nofollow">company has filed a robust opposition</a> to the SEC’s penalty request, arguing that the proposed fines are excessive and disproportionate.</p>
<h2 class="wp-block-heading" id="h-ripple-made-court-filling-pubic">Ripple Made Court Filling Pubic</h2>
<p>In a detailed court filing made public by Ripple’s defense lawyer, James Filan, the company vehemently disputes the SEC’s demand for $2 billion in penalties. Ripple contends that the proposed fines are unjustified and fail to align with the actual circumstances of the case.&nbsp;</p>
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   <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/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1ee-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>
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<p>The company asserts that there were no fraudulent behavior or recklessness allegations, which typically warrant such hefty financial penalties.</p>
<p>Ripple further <a href="https://coinpedia.org/news/ripple-vs-sec-ripple-labs-challenges-secs-late-expert-submission/" rel="noopener noreferrer nofollow">highlights its commitment</a> to transparency in its dealings with institutional investors regarding the sale of XRP. The company highlights significant legal victories it has secured throughout the litigation process, arguing that the SEC’s penalty request is inconsistent with the court’s findings.&nbsp;</p>
<p>Ripple’s Chief Legal Officer, Stuart Alderoty, characterizes the SEC’s demand as a form of intimidation against the broader crypto industry in the United States.</p>
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   <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>
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<h2 class="wp-block-heading" id="h-ripple-proposed-lower-penalty">Ripple Proposed Lower Penalty</h2>
<p>In its opposition filing, <a href="https://coinpedia.org/news/ripple-vs-sec-ripple-to-file-response-on-secs-2bn-penalty-demand-today-on-april-22/" rel="noopener noreferrer nofollow">Ripple proposes</a> a substantially lower penalty of $10 million, arguing that this amount is more appropriate given the nature of the alleged violations and the company’s conduct.&nbsp;</p>
<p>The filing also outlines the timeline for the legal proceedings, with the SEC’s reply brief due on May 6, 2024. The final decision on penalties will ultimately rest with Judge Analisa Torres, with <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" rel="noopener noreferrer nofollow">Ripple expressing</a> confidence in the fairness of the judicial process.</p>
<p>As Ripple challenges the SEC’s punitive penalty demand in court, the outcome of this legal showdown will be closely watched by the crypto community and industry stakeholders.</p>

Ripple Made Court Filling Pubic, says SEC’s $2Bn Penalty Demand is Unconventional

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