coinengineer.io
The U.S. Securities and Exchange Commission (SEC) has demanded a fine of approximately $2 billion from Ripple Labs.
An important development occurred in the long-standing legal battle between the SEC and Ripple (XRP). The institution led by SEC Chairman Gary Gensler asked a judge in New York on March 25 to impose a $1.95 billion fine on Ripple Labs.
Ripple’s Chief Legal Officer Stuart Alderoty stated that details about the SEC’s requests will be announced on Tuesday, and Ripple will present its defense next month. Ripple also emphasized that they have $1 billion in cash reserves, underscoring their strength against the SEC.
Ripple CEO Brad Garlinghouse made strict statements about the subject, emphasizing the SEC’s inconsistent actions.
The CEO pointed out that they have repeatedly seen the SEC act illegally, both in the DEBT Box case and in a previous decision against Ripple:
“Gensler’s SEC has acted against the law multiple times. It’s noteworthy that judges have warned that the institution ‘Heavily misuses the authorities granted by Congress’ (DEBT Box case) and acts without ‘compliance with the law’ (Ripple case). Let’s not forget Gensler’s indifference to SBFraud (Sam Bankman Fried).”
After the $2 billion fine demanded by the SEC, there was movement in the XRP price. According to CoinGecko data, XRP experienced significant volatility in a short time, falling to $0.63 before suddenly recovering to $0.661.
You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram ,YouTube and Twitter channels for the latest news and updates.