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Ripple Case Final Chapter? SEC Seeks $2 Billion Fine, Ripple Executives Criticize

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Ripple Case Final Chapter? SEC Seeks $2 Billion Fine, Ripple Executives Criticize

The victory in 2023 does not mean Ripple will walk away unscathed, as the "Ripple selling coins to institutional investors" was deemed by the judge as a sale of securities, pending final ruling this year. The penalty request filed by the SEC to the court has drawn sharp criticism from Ripple executives.

Market manipulation is also a crime! The U.S. Securities and Exchange Commission officially charges Ripple and two top executives for selling $1.3 billion in unregistered securities and manipulating coin prices.

Ripple Faces $2 Billion Fine Requested by SEC

Lawyer James K. Filan pointed out that the U.S. Securities and Exchange Commission (SEC) has submitted supplemental documents to the court, with the public version to be filed before the 26th.

Ripple Labs' General Counsel Stuart Alderoty retweeted James K. Filan's tweet, revealing that the SEC has requested a $2 billion fine against Ripple in a New York court.

Stuart Alderoty expressed his anger:

Ripple will respond next month, but as we have seen repeatedly, the SEC always issues statements with incorrect descriptions and misleading information. The SEC has not faithfully executed the law but is determined to punish and intimidate Ripple and the entire cryptocurrency industry.

Is the Ripple Case Coming to an End?

Previous reports indicated that winning in 2023 does not mean Ripple will walk away unscathed, as the "Ripple selling coins to institutional investors" was deemed a securities sale by the judge, awaiting final judgment later this year.

Other charges in the Ripple case, including investment contracts, token sales distribution, have seen the charges against two top Ripple executives dropped.

Why is it said that the SEC has not surrendered? The Ripple case still awaits final judgment, and the SEC can appeal next year.

Ripple CEO Lambasts SEC

Ripple CEO Garlinghouse also criticized the SEC on Twitter:

The SEC, led by Gary Gensler, has repeatedly acted unlawfully, but the judge has not overlooked the serious abuse of power by the institution in the DEBT Box case and the failure to comply with the law in the Ripple case. Let's not forget Gensler's past disregard for the fraud conducted by SBF.

DEBT Box Case: Using any means necessary for enforcement? SEC lawsuit sanctioned for presenting false evidence: intentional deception, severe abuse of power.