The legal dispute between Ripple and the SEC is reaching a pivotal moment, with both parties making their concluding arguments. Initiated in 2020, the SEC is seeking a substantial $2 billion fine from Ripple, whereas Ripple is proposing a significantly reduced penalty of no more than $10 million.
Ripple cites lower fines imposed in similar cryptocurrency cases, such as those involving BlockFi and Genesis Global, to support its argument.
Ripple contends that the SEC's proposed penalty is excessive and disproportionate compared to fines in other comparable cases, which were settled rather than litigated. Conversely, the SEC argues that the proposed penalty aligns with Ripple's alleged violations of the Securities Act, which resulted in the generation of $1 billion in revenue from XRP sales and the establishment of extensive business operations.
Stuart Alderoty, Ripple's Chief Legal Officer, has criticized the SEC's recent filing as repetitive and lacking in new insights. Despite this, Alderoty remains optimistic about achieving a favorable resolution and expresses confidence in the court's impartiality as the case concludes. With the legal battle nearing its end, the final judgment's outcome remains uncertain, prompting close attention from the cryptocurrency community due to its potential implications for future regulatory actions in the industry.
May 2024, Cryptoniteuae