The legal fight for digital assets took a new turn on Tuesday. The US Securities and Exchange Commission is reportedly seeking $2 billion from Ripple as part of the ongoing XRP litigation between the two parties.
After an agreement between both parties, the specifics are not revealed until tomorrow. Ripple CEO Brad Garlinghouse took to X (formerly Twitter) To share in the penalty imposed by the agency. Garlinghouse committed to “expose the SEC” Ripple responded in a positive way.
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SEC asks New York judge to impose $2 billion in penalties on Ripple. CEO
Details of Wednesday’s agency briefing will be made public. The remedy phase began last week. The SEC has revealed it is seeking $2 Billion in fines for Ripple’s ongoing XRP Case. This development was first shared by Ripple chief legal officer Stuart Adleroty.
Brad Garlinghouse pointed out that an amount of fine was requested in a particular case. “involved no allegations (let alone findings) fraud or recklessness.” You can also find out more about the following: a subsequent post, Garlinghosue stated that the SEC consistently has adopted a consistent “acted outside of the law” During the course of the case. Nevertheless, he noted that the judges who spoke out against this agency were also aware of his behavior.
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Also, Ripple’s co-founder, executive chairman. Chris Larsen, commented on the development. Gensler’s Agency, said he “has become unhinged.” In addition, the statement also states that the agency “thinks it’s above the law,” Based on the consistency of its behavior.
This is another sign of SEC distaste for and mistrust towards the digital assets market. In early February, there were reports of a legal campaign being launched against Ethereum. It was trying to change the security classification of Ethereum despite its previous decisions.
Deshalb, the changes would endanger its chances of becoming the second digital asset that receives a spot ETF. Bitcoin was the first digital asset to receive a Spot ETF. The SEC had no choice but to approve these investment products back in January.
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Source: watcher.guru