As a researcher with experience in the cryptocurrency industry, I find Stuart Alderoty’s stance on Ripple’s ongoing legal battle with the SEC intriguing. It is clear that Alderoty is confident in his company’s position and believes that the SEC’s demands are unwarranted.
I’ve taken note of Ripple‘s top lawyer, Stuart Alderoty’s reaction to the U.S. Securities and Exchange Commission’s latest filing. He’s expressing strong frustration, using the term “raging.”
According to Alderoty, there are no individuals to be reimbursed, and his business is flourishing at the moment.
Additionally, Ripple’s chief legal officer asserts that the SEC no longer seeks $2 billion in penalties and fines.
Last week, the firm referenced the Terraform incident in an additional justification for its resistance to the regulatory body’s request for penalties and the issuance of a final ruling.
Terraform Labs has reached a settlement with the Securities and Exchange Commission (SEC) to pay approximately $4.47 billion in penalties. Initially, the SEC sought a penalty of around $5.3 billion against the company founded by renowned cryptocurrency entrepreneur Do Kwon.
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Ripple, in contrast to Terraform Labs, has not been accused of fraudulent activities. Consequently, the company asserts that the SEC’s demands are excessive and without precedent. Previously, Ripple had proposed a civil penalty of only $10 million – a minuscule amount compared to the initial sum sought by the SEC.
As a researcher, I’d interpret this statement as follows: The Securities and Exchange Commission (SEC) maintains that imposing a penalty of such a minimal amount would fall short of achieving the objectives set forth in the civil penalty laws.
The SEC maintains that the comparison between Terraform Labs and the corporate defendant in bankruptcy is not applicable. Additionally, Terraform has consented to destroy the access keys to their crypto assets as part of the settlement agreement. Moreover, two board members who oversaw the violations will be replaced. These circumstances were taken into consideration by the SEC when reaching a resolution, and they emphasized these points in their court filing to justify the approval of the settlement under relevant legal guidelines.
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2024-06-16 11:26