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Заголовок Important Ripple v SEC Update July 3
Дата 20240703

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Important Ripple v SEC Update July 3

Important Ripple v SEC Update July 3

Author: Dimitar Dzhondzhorov

Last Updated Jul 3, 2024 @ 07:05

XRP is among the few leading cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in the green today (July 3).

TL;DR

Ripple uses a recent Binance ruling to argue against harsh penalties in their
SEC lawsuit, citing regulatory uncertainty.

The agency has reduced its proposed penalty from $2 billion to $102.6 million,
while the company argues for a maximum fine of $10 million.

Ripple on the Move

The legal confrontation between Ripple and the US Securities and Exchange
Commission
(SEC) has witnessed numerous developments as of late .

Most recently, the company filed a Notice of Supplemental Authority regarding
a recent decision related to crypto exchange Binance. Last week, Judge Amy
Jackson dismissed the regulator s claims that secondary market sales of
Binance s BNB token constituted securities transactions.

Ripple seemingly intends to use that ruling in its favor. The firm s
legal counsel, Michael Kellogg, argued that the recent magistrates
decision supports Ripple s case that its alleged illegal sales of XRP do
not warrant harsh remedies as the agency claims.

This observation supports Ripple’s argument that providing clarity on
the legality of the different types of sales of XRP was the most significant
aspect of the Court’s summary judgment• Государство » Законы и право » Правовая система России » Судебное право России » Решение судебное decision

The lack of regulatory clarity prior to that ruling, in turn, supports
Ripple’s position that the Court’s finding of a strict liability violation on
some of Ripple’s salesbut far fewer than the SEC alleged were violations –
does not reflect reckless disregard for the law or warrant harsh remedies.
And, of course, the SEC did not even allege recklessness as to Ripple in its
Complaint, the letter reads.

Developments surrounding the longstanding lawsuit between the company and
America s securities regulator have often reflected on XRP s
market performance. The token s price headed north following the filed
letter and remains slightly in the green on a daily scale . In comparison,
other leading cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, such as Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) and Ethereum (ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum), have
tanked substantially in the past 24 hours.

The Bone of Contention

One of the major issues related to the case s possible resolution is the
size of Ripple s penalty. The SEC initially sought a staggering $2
billion fine, while the firm claimed the amount should not exceed $10 million.

Ripple compared the lawsuit with the one between the regulator and Terraform
Labs, saying direct allegations of fraud were only evident in the one against
the defunct crypto company.

Shortly after, the SEC softened its tone, proposing a $102.6 million penalty:

“Ripple avoids comparing the Terraform settlement’s penalty to the gross
profit
of the violative conduct. That ratio ($420 million/$3.587 billion) is
significantly higher: 11.7%. Applying it to the $876.3 million in gross
profits, the SEC here asks the court to disgorge, which results in a much
larger figure, a $102.6 million penalty, than the $10 million ceiling Ripple
insists on.”

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Tags: Ripple Ripple (XRP) Price SEC United States

============= Итог: 4,1980 ; Экономика#Финансы#Платежные средства#Платежные системы интернета #Криптовалюта#Ethereum#Bitcoin 4,1980 ; Экономика#Финансы#Платежные средства#Платежные системы интернета #Криптовалюта#Bitcoin#Ethereum 2,8641 ; Государство#Законы и право#Правовая система России#Судебное право России #Решение судебное


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