The US Securities and Exchange Commission (SEC) has requested a substantial fine of $1.95 billion against Ripple Labs in the ongoing XRP lawsuit, court filings reveal.
In a recent development, the SEC has petitioned a New York judge to impose a fine of $1.95 billion on Ripple Labs. This proposed penalty comprises $876 million in disgorgement, $198 million in prejudgment interest, and an additional $876 million in civil penalty.
Stuart Alderoty, Ripple Labs’ chief legal officer, disclosed the SEC’s request via social media on Monday. He mentioned that redacted versions of the court documents would be available to the public by March 26. Ripple Labs is slated to present its response to the SEC’s motion by April 22 this year.
According to the SEC filing, the regulatory body urges the court to consider the ease with which actors, particularly in the crypto asset space, can engage in similar conduct as Ripple's. The filing underscores the necessity of sending a clear message that such misconduct will not be tolerated.
The SEC initiated legal proceedings against Ripple Labs and its executives in December 2020. The allegations revolved around violations of federal securities laws through the sale of XRP to both institutional and retail customers. In July 2023, New York Judge Analisa Torres ruled that only Ripple’s institutional sales of XRP infringed US laws, while sales on exchanges and through algorithms did not.
Alderoty criticized the SEC's approach and affirmed that Ripple Labs would submit its rebuttal to the SEC's motion next month. The outcome of this lawsuit carries substantial implications for the cryptocurrency sector, potentially establishing a precedent for the classification and regulation of digital assets in the United States.
The lawsuit's resolution and the court's verdict on the proposed fine will be closely monitored by the crypto community. The case holds significant implications for the future regulatory landscape of digital assets, potentially shaping how they are governed and classified in the US and beyond.
Brazil's Braza Group is launching a stablecoin pegged to the Brazilian Real on the XRP Ledger to improve cross-border payments. This launch, expected in early 2025, is part of Brazil’s broader push to adopt blockchain and digital assets, including the approval of the first XRP ETF.
AnaisThe SEC is reviewing proposals to allow staking in Ethereum ETFs and has also acknowledged filings for XRP ETFs, opening a public comment period. Institutional interest in Ethereum is growing, and changing regulations under the Trump administration may increase the chances of ETF approvals.
WeatherlyXRP, linked to Ripple, was the biggest loser among the top ten cryptocurrencies on Wednesday after technical issues with the XRP Ledger. The key question: can it recover or will losses continue?
KikyoFalse claims about a US Treasury-linked XRP wallet were spread by influencers, leading to the exposure of a crypto scam. The wallet, initially believed to be tied to major financial institutions, was traced to the Philippines and debunked as fraudulent.
WeatherlyWith the potential TikTok ban, millions of users are migrating to Xiaohongshu, which has quickly gained popularity, especially among content creators. The platform is becoming a new hub for viral trends, memes, and crypto discussions, blending Chinese and Western cultures.
JoyRipple CEO Brad Garlinghouse’s meeting with Donald Trump at Mar-a-Lago signals a strong start to 2025, driven by legal victories and XRP optimism. Ripple CLO Stuart Alderoty also praised the beef bourguignon. With Trump’s ongoing meetings with tech leaders, what’s next on the menu and agenda?
KikyoA recent study found that most crypto advice on TikTok is misleading, with over half of videos promoting risky investments without proper warnings. Many influencers push specific coins, make unrealistic promises, and lack proper qualifications, putting viewers at high financial risk.
WeatherlyRipple’s RLUSD stablecoin has received regulatory approval from the NYDFS, enabling its launch. The approval positions RLUSD to compete with major stablecoins like USDT and USDC, with Ripple planning partnerships and expansion into the DeFi space.
WeatherlyPresident-elect Trump has named former SEC commissioner Paul Atkins to replace Gary Gensler as SEC Chair, a move seen as crypto-friendly. Praised by Trump as a "proven leader" with regulatory expertise, Atkins' appointment has garnered support from the crypto community, including Ripple CEO Brad Garlinghouse. Does this mark a new chapter for crypto regulation, leaving Gensler's contentious policies behind?
CatherineA recent speech by SEC Chairman has left many speculating about his potential resignation from the SEC.
XingChiXRP faces volatility due to legal uncertainties with the SEC, causing a price drop and increased trading activity.
WenJunRipple CEO Brad Garlinghouse addresses XRP's legal battles, regulatory uncertainties, and plans for an ETF and stablecoin at Paris Blockchain Week. Advocating for clarity, Ripple aims to expand XRP's utility amid evolving regulations.
Huang BoSEC Seeks Ripple Case Extension: Requests deadline shifts for settlement briefings. XRP price reacts positively, surging to $0.59.
Xu LinMassive 25.10 million XRP transfer to Bitstamp amid Ripple-SEC lawsuit extension sparks market speculation. Despite sell-off, XRP price rebounds, raising manipulation concerns. Derivatives data suggests potential uptrend, but analyst warns of resistance levels, hinting at price correction.
Huang BoIf the regulator is successful in this case, it might have very negative repercussions for XRP, its investors, and the cryptocurrency sector as a whole.
FinboldThe Ripple vs SEC case continues to produce encouraging signs of a favorable end for Ripple which in turn would boost XRP price action.
BeincryptoXRP rallied 10% after the ruling was announced.
BeincryptoIn the ongoing legal case between the SEC and Ripple Labs, the commission declared XRP as a security.
BitcoinistThe U.S. Securities and Exchange Commission and Ripple Labs both filed motions for summary judgment.
OthersAs the case against Ripple rages on, the SEC wants to see certain “friends of the court” in support of Ripple be barred from providing legal aid to the defense.
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