Ripple, a company based in San Francisco, has submitted its argument against the proposed actions of the U.S. Securities and Exchange Commission.
Recently, the SEC filed a lawsuit against Ripple with a demand for an injunction, civil penalties, and the return of ill-gotten gains worth approximately $2 billion. Known primarily for its connection to XRP cryptocurrency, Ripple may be required to pay this substantial sum.
The SEC asserted in its argument that given the company’s negligent behavior and consistent disregard for securities regulations, such a large fine was necessary. This substantial penalty is intended as a deterrent to prevent Ripple and similar entities from breaking the law again.
In its latest submission to the SEC, Ripple contends that the SEC is responsible for presenting concrete evidence demonstrating that the company will break the law in the future. Additionally, Ripple asserts that its institutional sales did not exhibit disregard for legal requirements, highlighting its collaborations with other American regulatory bodies and regulatory advancements in significant international markets.
In simpler terms, Ripple contests the SEC’s demands by stating that any injunction issued should be limited in scope, and the SEC has not provided sufficient evidence to warrant disgorgement or pre-judgment interest. Regarding the civil penalty, Ripple proposes a maximum fine of $10 million. Therefore, the Court is urged to reject the SEC’s requests for an injunction, disgorgement, pre-judgment interest, and impose a civil penalty not exceeding $10 million.
At a convenient moment, Ripple answered the SEC’s query following news that two SEC attorneys resigned after a federal judge criticized the regulatory body for misrepresentation of facts in the DEBT Box case. According to U.Today and Bloomberg, these lawyers falsified important details to secure a temporary restraining order against the Utah crypto firm.
“After Gensler leaves, the US will still be dealing with the consequences of the agency’s failed policies, according to Ripple CEO Brad Garlinghouse, as he posted on the X social media platform.”
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2024-04-23 09:29