The Securities and Exchange Commission (SEC) has not given up in its campaign against cryptocurrency company Ripple Labs. According to senior officials of that entity, it will ask the judge to impose a fine of US$2,000 million on that company.
Via X Stuart Alderotti, Legal Director, Ripple Labs, Condemned it The SEC’s brief will be made public this Tuesday, March 26, which will include Demands millions of dollars in penalties against the company XRP token issuer.
Alderotti criticized that the US regulator “trades on false statements, misrepresentations and designed to deceive.” “The SEC is committed to punishing and intimidating Ripple and the industry in general rather than honestly enforcing the law,” the lawyer questioned.
The jurist announced that the company’s response would be presented next month. “We are confident that the court will approach the compensation phase fairly,” Alderotti said.
Ripple Labs CEO Brad Garlinghouse also came forward to criticize the SEC’s request. In the businessman’s opinion, that office “has repeatedly acted outside the law.”
He also said that the SEC has already been reprimanded for “gross abuse of the power entrusted to it by Congress” and for acting “without scrupulous fidelity to the law.” Bearing in mind that the US regulator had already been accused of abusing its power in a case against a digital asset platform called DEBT Box.
By its request, the US Securities and Exchange Commission benefits The shock that Ripple suffered last FebruaryThat’s when Judge Sarah Netburn accepted a motion from the regulator to force the company to disclose its financial statements, as reported by CryptoNoticius.
The SEC filed the motion in January, arguing that knowing the financial health of Ripple Labs is an important factor in determining any potential sanctions on that company.
Similarly, with the request for a multi-million dollar fine against Ripple, the SEC is pushing to prove that Ripple Labs violated US securities laws.
This despite a court giving a partial victory to Ripple last year when it ruled that XRP is not a security and, therefore, it is being commercialized. No securities laws were violated From the United States.
Although it was thought that this landmark ruling would end more than 3 years of litigation, the SEC’s new request to impose a fine on Ripple Labs shows that the judicial battle Still in full swing.
