The long-awaited revelations from the U.S. Securities and Exchange Commission (SEC) have finally surfaced, confirming James K. Filan’s earlier predictions. The SEC is now aiming for a hefty $2 billion penalty against Ripple Labs for damages incurred, as disclosed by Ripple’s Chief Legal Officer, Stuart Alderoty.
Here’s the latest update.
In a surprising twist, the SEC is pushing for a staggering $2 billion in fines and penalties in its ongoing legal battle with Ripple Labs over XRP cryptocurrency sales. Although Filan hinted at the release of relevant documents on March 26th, it was Alderoty’s post on X that brought this revelation to light, catching the crypto community off guard.
As seen in the tweet, Alderoty was also in belief.
Also Read: Ripple vs. SEC: Legal Expert Sheds Light on Potential Outcomes
Implications of the Proposed Penalty
The proposed $2 billion penalty, if imposed, would significantly impact the regulatory landscape of the crypto industry, setting a precedent for future cases.
The legal battle between Ripple Labs and the SEC dates back to December 2020 when the SEC accused Ripple and its executives of violating federal securities laws. Despite the passage of time, the case is far from over. Ripple’s response to the SEC’s remedies brief is still a month away, followed by a potential hearing for the remedies phase
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