{"id":29577,"date":"2024-04-23T11:04:48","date_gmt":"2024-04-23T11:04:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ripple-stands-firm-against-secs-1-95b-fine-advocates-for-10m-penalty\/"},"modified":"2024-04-23T11:04:48","modified_gmt":"2024-04-23T11:04:48","slug":"ripple-stands-firm-against-secs-1-95b-fine-advocates-for-10m-penalty","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ripple-stands-firm-against-secs-1-95b-fine-advocates-for-10m-penalty\/","title":{"rendered":"Ripple Stands Firm Against SEC’s $1.95B Fine, Advocates for $10M Penalty"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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In an audacious move, Ripple Labs has vigorously opposed the Securities and Exchange Commission of the United States (SEC)\u2019s plan to punish the blockchain company XRP Ledger an astounding $2 billion<\/a>.<\/p>\n

Defiantly opposing the SEC\u2019s heavy fine suggestion, Ripple Labs asks the court to deny the regulator\u2019s requests for disgorgement, prejudgment interest, and injunctive relief. As an alternative, Ripple is in favor of a civil penalty of no more than $10 million, which is a little amount in comparison to the SEC\u2019s enormous demand.<\/p>\n

\u201cThe Court should deny the SEC\u2019s requests for an injunction, for disgorgement, and for pre-judgment interest, and should impose a civil penalty of no more than $10 million,\u201d<\/em> the filing asserts.<\/p>\n

Unprecedented Fine Proposal<\/strong><\/h2>\n

The SEC\u2019s proposal seeks to impose a monumental financial burden on Ripple Labs, totaling $1.95 billion, comprising $876 million in disgorgement, $198 million in prejudgment interest, and a staggering $876 million civil penalty. However, Ripple contends that such punitive measures are unwarranted, given the nature of the allegations and the agency\u2019s purported overreach.<\/p>\n

\u201cThe SEC\u2019s remedial requests are more evidence of the administrative overreach that has beset this case,\u201d<\/em> Ripple\u2019s legal team asserts. \u201cThe agency acts as though it had prevailed entirely and had proved reckless conduct. It has done neither.\u201d<\/em><\/p>\n

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Furthermore, Ripple challenges the legal basis for the SEC\u2019s demands, citing precedents and questioning the validity of the agency\u2019s claims. The company argues that the proposed disgorgement of gains is unjustified, emphasizing its purported lack of gains from institutional sales.<\/p>\n

\u201cAdditionally, in a paragraph that redacted Ripple\u2019s revenue from institutional sales, income taxes it paid, and its losses, the entity argued it had no gains to disgorge,\u201d<\/em> the filing states.<\/p>\n

The conclusion of the ongoing legal struggle between Ripple Labs and the SEC is still unknown, and it will have a big impact on the cryptocurrency market as a whole.<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) In an audacious move, Ripple Labs has vigorously opposed the Securities and Exchange Commission of the United States (SEC)\u2019s plan to punish the blockchain company XRP Ledger an astounding $2 billion. Defiantly opposing the SEC\u2019s heavy fine suggestion, Ripple Labs asks the court to deny the […]<\/p>\n","protected":false},"author":34,"featured_media":29578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/29577"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=29577"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/29577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/29578"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=29577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=29577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=29577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}