Bittime - The legal dispute between the United States Securities and Exchange Commission (SEC) and Ripple Labs enters a heated new chapter. The SEC has just submitted a surprising proposed final judgment, demanding that Ripple pay a fine of $1.9 billion.
SEC Files Proposed Final Ruling for Ripple
On Monday (26/03), the SEC officially submitted a proposed final decision regarding its case against Ripple Labs. Through these documents, the SEC asked the court to grant a final motion in their favor and award a fine of $1.9 billion to the agency.
Ripple CEO, Brad Garlinghouse, and Chief Legal Officer, Stuart Alderoty, via social media posts on Monday, announced the demands for the fantastic fine.
"Our formal response will be filed next month," Alderoty wrote.
"However, as we have seen time and time again, the SEC is a regulator that enjoys issuing statements that are false, erroneous and designed to mislead. They continue to use the same pattern in this case."
If the judge grants the SEC's motion, Ripple will have to pay a $1.9 billion fine within 30 days of the court's ruling. Additionally, Ripple will also be "permanently prohibited from, directly or indirectly, conducting unregistered offers of Institutional Sales."
Ripple executives confirmed that the company will file an official response next month. Alderoty accused the SEC of “intending to punish and intimidate Ripple (XRP) , even the cryptocurrency industry as a whole.”
Meanwhile, Garlinghouse accused the SEC of acting "extrajudicially." "We will continue to reveal the SEC's true identity in our official response later," he added.
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Prolonged Legal Battle Between Ripple and SEC
The SEC and Ripple have been embroiled in legal disputes over the past few years. The United States regulator accused Ripple of knowingly violating securities laws.
Last summer, Judge Analisa Torres issued a summary judgment that dealt a major blow to the SEC's initial lawsuit. However, the ruling is also not completely favorable to Ripple.
Torres ruled that Ripple's institutional sale of XRP tokens could be categorized as an unregistered securities transaction. However, he also decided that programmatic sales did not fall into that category.
Final Ruling Impact: Ripple vs SEC
The SEC's proposed final ruling has the potential to have a significant impact on Ripple and the cryptocurrency industry at large. If granted, the $1.9 billion fine could cripple Ripple financially.
Additionally, a permanent ban on institutional sales of XRP could hinder the growth and adoption of the token.
However, the response that Ripple will submit next month could be a turning point. Strong legal arguments could potentially lead a court to reject the SEC's motion and rule in Ripple's favor.
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The Future of the Cryptocurrency Industry Under the Shadow of Regulation
Ripple vs. The SEC is in the spotlight regarding regulatory uncertainty in the cryptocurrency world. A lack of regulatory clarity can hinder innovation and industry growth.
Business players in the cryptocurrency sector hope that the SEC can immediately issue clear and comprehensive regulations. Effective regulations can provide legal certainty for business people and at the same time protect investors.
Conclusion
The SEC's proposed final ruling against Ripple is reigniting a long-standing legal dispute. The court's decision will determine Ripple's fate and impact the future of cryptocurrency regulation in the United States .
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How to Buy Ripple (XRP) on Bittime
You can buy and sell Ripple (XRP) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ripple (XRP) is available on Bittime with the market pair XRP/IDR . To be able to buy XRP/IDR on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ripple (XRP) on Bittime.
Monitor price chart movements for Ripple (XRP) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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