In a rather shocking development, United States Securities and Exchange Commission (SEC) demanded sanctions of $2 billion against Ripple. In response to surprising demands, the CEO of Ripple Brad Garlinghouse took a forceful stance against the agency’s demands, determined to expose the true nature of the SEC.
Ripple CEO criticizes SEC demands
Stuart Alderotyrecently the chief legal officer (CLO) of Ripple revealed in a post on X (formerly Twitter) over which the US SEC asked a judge $2 billion in fines and penalties against Ripple. According to CLO Ripple, the SEC continually seeks to “punish and intimidate Ripple” instead of faithfully applying the law.
Garlinghouse is challenging the SEC’s $2 billion fine he emphasized that the agency has consistently operated outside the bounds of the law in various enforcement actions. He revealed it The justices also took note of the SEC’s actionshaving previously admonished the agency for broad abuse of the authority delegated to it by Congress.
Ripple CEO too criticized seeking an SEC penalty, arguing that it lacks precedent and justification, particularly given the lack of any allegations, findings of fraud or recklessness in the case. As a result, Garlinghouse promised to disclose its conduct to the SEC, emphasizing that Ripple will respond vigorously to the SEC’s actions.
It’s worth noting that Alderoty did this revealed that the company’s legal team will respond to the SEC’s requests in a filing scheduled for next month. Offering its perspective on the SEC, Ripple CLO characterized the agency as one that “trads on statements that are false, mischaracterized and intended to mislead.”
The SEC’s actions harm XRP holders the most
In my lawsuit against RippleThe US SEC has accused the payments company of violating securities laws by selling XRP in unregistered securities offerings to US investors. According to the agency, the company and its executives allegedly failed to do so protect your investorsdepriving them of appropriate disclosures about XRP.
However, members of the Ripple community to argue that the enforcement actions taken by the SEC against Ripple did not protect investors but created even deeper challenges and financial losses for XRP holders.
A popular XRP enthusiast identified as XRPCryptoWolf stated that it should be KNOTnot Ripple, paying billions to XRP holders.
“The SEC demanding $2 billion in fines and penalties is absurd when it is the SEC that financially harms XRP holders the most. The SEC owes XRP holders tens of billions of dollars,” he said he stated.
Member of the XRP community revealed that after the SEC announced its lawsuit against Ripple, approximately $15 billion disappeared from XRP’s market capitalization and the token was also delisted from major exchanges. As a result of the lawsuit’s significant impact on the value of XRP, millions of XRP holders suffered financial losses.
XRP price at $0.644 | Source: XRPUSDT on Tradingview.com
Featured image from Inside Bitcoins, chart from Tradingview.com
