As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen more than a few twists and turns in this ever-evolving market. The recent ruling against Ripple has certainly stirred up some controversy, but as someone who’s been through numerous regulatory battles myself, I can appreciate the nuances at play here.
In simpler terms, Brad Garlinghouse, who is the CEO of Ripple, has expressed satisfaction with the court’s decision, referring to it as a “win” for their company.
As reported by U.Today, the judge ordered Ripple to pay $125 million worth of civil penalties.
According to Garlinghouse, the amount requested by the U.S. Securities and Exchange Commission is much larger than what was eventually proposed. The SEC initially sought up to $2 billion in fines and penalties from the San Francisco-based company. They believed that this hefty fine would discourage Ripple and other industry players from breaking security laws in the future, while also making amends for the damages caused by the company’s actions.
As a researcher, I found an interesting development in the case involving Ripple. Although Ripple was not charged with fraud or misappropriation, U.S. District Judge Analisa Torres imposed relatively mild penalties. However, she recognized that Ripple’s infractions of Section 5 were considered a “serious transgression.”
Still, the final penalties are still significantly larger than the $10 million that Ripple was advocating for.
“Stuart Alderoty, Ripple’s lead attorney, expressed his respect for the $125M penalty the Court has enforced, due to specific past transactions made with knowledgeable third parties,” stated on X.
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2024-08-08 08:46