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According to a last-minute development, the details of which are not yet clear, the SEC will demand a fine of $ 2 billion from Ripple (XRP) developer Ripple Labs.
Ripple Chief Legal Officer Stuart Alderoty announced the development as follows:
“As you will see when the SEC's summary is made public tomorrow, they are asking the judge for $2 billion in fines and sanctions.
Our answer will be available next month, but as we have all seen time and time again, this is a regulator that operates on statements that are false, ill-defined and designed to mislead. They stayed true to their form here too.
Rather than faithfully enforcing the law, the SEC continues to seek to punish and intimidate Ripple and the industry in general. We believe that the court will approach the solution phase fairly.”
However, Ripple CEO Brad Garlinghouse said the following about the development:
“The SEC, led by Gensler, has repeatedly acted outside the law, admonished by judges for “gross abuse of the authority entrusted to it by Congress” (DEBT Box case) and for acting “without faithful adherence to the law” (Ripple case). Let's also not forget Gensler's indifference to the FTX scam.
The SEC plans to ask the judge for $2 billion in a case that contains no allegations (let alone findings) of fraud or recklessness. There is absolutely no precedent for this. “We will continue to disclose what the SEC is when we respond to this.”
Ripple co-founder Chris Larsen said the following about the development:
“The balance of the SEC, managed by Gensler, has been disrupted. The fact that the SEC alone considers itself above the law and drags the USA further behind other G20 countries will not and should not go unnoticed in an election year.”
*This is not investment advice.