Crypto

[NEWS] SEC seeks $2 billion fine against Ripple, CEO Garlinghouse and others reveal

2024/08/09 09:15 (Updated 2024/12/13 17:48)
Editors of Iolite
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[NEWS] SEC seeks $2 billion fine against Ripple, CEO Garlinghouse and others reveal

Demanding a fine of over 300 billion yen

Stuart Alderoty, chief legal officer of Ripple, said on the 25th that the SEC (U.S. Securities and Exchange Commission) has asked the court to impose a $2 billion fine on the company in a series of lawsuits over XRP securities issues.

According to Alderoty, Ripple plans to file a response within the next month. He then criticized the SEC's allegations as "trading on false, misleading, and misleading statements."

He added that the SEC is not faithfully following U.S. law, but is "eager to punish and intimidate Ripple and the entire cryptocurrency industry." Alderoty said, "I trust the court to rule fairly."

Victory in part of lawsuit last year

Last July, the court ruled that XRP does not qualify as a security when sold to general investors in a lawsuit between Ripple and the SEC. On the other hand, it was determined that XRP is a security when sold to institutional investors, but the content was positively received by the industry as a substantial victory for Ripple.

A series of legal arguments related to the lawsuit proceedings were held for several months afterwards, and there was much speculation about the conditions for Ripple to pay the fine for some of the laws it violated.

The amount of $2 billion requested by the SEC this time was not unexpected by analysts, but lawyer John Deaton, known as a supporter of XRP, and others said that "the amount the company should pay should be lower."

In addition, Ripple CEO Brad Garlinghouse also criticized the SEC, saying that "there is no precedent for this kind of thing." He indicated his intention to fight back, saying that he would continue to "unmask the SEC."

Reference:Aldeloti X,Garlinghouse X
Image: Shutterstock

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SEC drops lawsuit against Ripple CEO Garlinghouse and others, XRP surges

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Iolite Vol.14

July 2025 issueReleased on 2025/05/30
Interview Iolite FACE vol.14 Charles Hoskinson, founder and CEO of Cardano/Input Output Global PHOTO & INTERVIEW Mariko Mabuchi Special feature: "Considerations on cryptocurrency-related policies in Japan and the US", "Blockchain guide from Japan", "Huge position liquidation occurs at Hyperliquid! A new, unanticipated crisis in decentralized finance", "Sakana AI, a generative AI startup from Japan that is attracting a lot of attention", "Prepare for a recession: correlation between finance and anomalies" Crypto Journey: "Web 3.0 from the perspective of the 'King of Debate'" Interview with Hiroyuki Special series: Virtual Nishi: "Cryptocurrency market trends and key points for interpreting them" Series: Tech and Future Toshinao Sasaki, etc.