Ripple CEO Responds To SEC’s Shocking $2 Billion Demand
March 26 2024 - 11:00AM
NEWSBTC
In a rather shocking development, the United States Securities and
Exchange Commission (SEC) has demanded a $2 billion sanction
against Ripple. Responding to the startling demands, Ripple’s Chief
Executive Officer (CEO), Brad Garlinghouse has taken a firm stance
against the agency’s demands, determined to expose the true nature
of the SEC. Ripple CEO Criticizes SEC’s Demands Stuart Alderoty,
the Chief Legal Officer (CLO) of Ripple recently disclosed in a
post on X (formerly Twitter) that the US SEC has petitioned a Judge
for $2 billion in fines and penalties against Ripple. According to
the Ripple CLO, the SEC is in a relentless pursuit to “punish and
intimidate Ripple,” rather than faithfully applying the law.
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Predicts Where Price Is Headed Next Challenging the SEC’s $2
billion penalty, Garlinghouse emphasized that the agency has
consistently operated beyond the bounds of law in various
enforcement actions. He disclosed that Judges have also taken note
of the SEC’s actions, previously admonishing the agency for its
extensive abuse of power entrusted to it by Congress. The
Ripple CEO also criticized the SEC’s penalty demand, arguing that
it lacks precedent and justification, particularly given the
absence of any allegations, findings of fraud or recklessness in
the case. As a result, Garlinghouse has vowed to expose the SEC for
its conduct, emphasizing that Ripple will vigorously respond to the
SEC’s action. Notably, Alderoty has disclosed that the
company’s legal team will be addressing the SEC’s demands in a
filing scheduled for next month. Offering his perspective on the
SEC, the Ripple CLO characterized the agency as one “that trades in
statements that are false, mischaracterized and designed to
mislead.” SEC Actions Hurt XRP Holders The Most In its lawsuit
against Ripple, the US SEC accused the payment company of violating
securities laws by selling XRP in unregistered securities offering
to investors in the US. According to the agency, the company and
its executives had allegedly failed to protect its investors,
depriving them of adequate disclosures of XRP. However,
members of the Ripple community argue that the SEC’s enforcement
actions against Ripple have not protected investors but caused even
deeper challenges and financial losses for XRP holders.
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From Exchanges, Is It Time To Buy? A popular XRP enthusiast,
identified as XRPCryptoWolf has asserted that it should be the SEC,
not Ripple, paying billions to XRP holders. “The SEC asking
for $2 billion in fines and penalties is ridiculous when they’re
the ones who financially hurt XRP holders the most. The SEC owes
XRP holders tens of billions of dollars,” he stated. The XRP
community member disclosed that after the SEC announced its lawsuit
against Ripple, approximately $15 billion was wiped out from XRP’s
market capitalization, and the token was also delisted from major
exchanges. As a result of the lawsuit’s significant impact on XRP’s
value, millions of XRP holders experienced financial losses. XRP
price at $0.644 | Source: XRPUSDT on Tradingview.com Featured image
from Inside Bitcoins, chart from Tradingview.com
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