As a seasoned analyst with over two decades of experience in the financial industry, I find myself closely monitoring the ongoing saga between Ripple and the SEC. The recent order for Ripple to pay $125 million in civil penalties is indeed a significant development, albeit a fraction of the initial request by the SEC.
San Francisco-based company Ripple has been ordered to pay $125 million worth of civil penalties.
To highlight, the amount asked for by the U.S. Securities and Exchange Commission was $876 billion, and the figure you see now is just a portion of this substantial request.
On the other hand, according to U.Today’s report, Ripple maintains that the total fine shouldn’t surpass $10 million.
The judge has made it clear that Ripple’s repeated and financially profitable breaches of federal securities laws constitute a “grave infraction.” However, it’s important to note that the case does not include charges related to fraudulent or misappropriated activities. Furthermore, the SEC was unable to prove that Ripple’s unregistered institutional sales led to substantial losses for investors.
Within thirty days after the final verdict, Ripple must fulfill the mentioned penalties. They can make the payment digitally from their bank account or issue a certified check for this purpose.
As a researcher, I’m sharing that the Securities and Exchange Commission (SEC) will safeguard these funds, including any accrued interest or earnings generated from them. Before distributing the funds, they would need to acquire a court’s approval.
It appears that the summary judgment could signal the conclusion of Ripple’s protracted legal dispute with the Securities and Exchange Commission (SEC), a conflict that commenced in December 2020.
In the previous year, it was decided by Torres that the resale of XRP tokens did not constitute a security offering, a significant victory for the firm.
However, it is still possible that the SEC might end up appearing in the Ripple case.
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2024-08-07 23:42