Ripple CLO Speaks out Against $2 Billion Penalty in XRP Case

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In the most recent development of the ongoing legal dispute between Ripple and the SEC, Ripple’s Chief Legal Officer, Stuart Alderoty, has spoken out against the SEC’s demand for a $2 billion penalty. Alderoty reiterated that Ripple intends to keep fighting the SEC’s proposal for damages.

Alderoty pointed out that Ripple hasn’t been charged or found guilty of carelessness or deceit, and the company successfully argued important points during the court hearings. He criticized the SEC for demanding excessive fines as a sign of their heavy-handed tactics towards the entire cryptocurrency sector in the US.

Although the SEC has advocated for severe fines, Alderoty remained assured that the legal proceedings would be fair. He reiterated Ripple’s faith in the judge’s ability to handle the next stage of deciding on penalties objectively.

The SEC’s proposal for imposing a penalty of $2B on Ripple over institutional sales that didn’t involve any proven recklessness or fraud has become public. Despite Ripple prevailing in several crucial aspects of the case, this demand from the SEC appears to be an indication of their persistent stance.

— Stuart Alderoty (@s_alderoty) April 23, 2024

Amidst an ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC), the Ripple CLO’s declaration surfaces in a tense judicial landscape, with the crypto firm and regulatory body at odds over the categorization of XRP as a security and allegations of securities law infringements.

The future of XRP and the cryptocurrency market as a whole is at stake as Ripple and the Securities and Exchange Commission (SEC) prepare for a significant confrontation. While Ripple holds firm in its stance, the SEC intensifies its regulatory actions. The outcome of this legal battle, which could influence the crypto industry significantly, remains uncertain.

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2024-04-23 15:26