Update on Ripple’s lawsuit against SEC on June 27

The ongoing case between Ripple Labs and the United States Securities and Exchange Commission is in the trial stage. And while that’s technically the point in the lawsuit where it’s supposed to be settled, there’s no telling when it might end.

That said, here’s what’s happening lately as of June 27.

Current status in the Ripple v. SEC lawsuit

One of the biggest developments in recent weeks was that the Commission reduced its demand for a fine from $2 billion to $102.6 million.

The SEC stated at the time:

“Ripple avoids comparing the Terraform settlement penalty to the gross profit from the infringing conduct. This ratio ($420 million / $3.587 billion) is significantly higher: 11.7%. Applying this to the 876, $3 million in gross profits, the SEC is asking the court here to disburse it, resulting in a much larger figure, a penalty of $102.6 million, than the $10 million ceiling that Ripple is insisting on .

Ripple’s legal team demanded a lower penalty amounting to no more than $10 million.

Meanwhile, the head of the SEC’s Crypto Asset and Cyber ​​Unit, David Hirsh, resigned.

Ripple also faces legal challenges on another front: in California, where its CEO Brad Garlinghouse is accused in a civil lawsuit. However, there have been positive developments recently, with the company’s chief counsel noting:

The CA judge dismissed all allegations suggesting that Ripple violated federal securities law. New York’s decision that XRP is not a security is not disturbed.

Hitting Gary Gensler

Both Stuart Alderoty (head of legal at Ripple) and Brad Garlinghouse recently took decidedly negative positions against SEC Chairman Gary Gensler.

The last said the other day, speaking of crypto:

This is a field where the protagonists of a couple of years ago are in prison, about to go to prison or awaiting extradition.

To that, Garlinghouse answered:

Absolute nonsense coming from Gary Gensler today.

And this slim about “all crypto execs going to jail” from the guy who missed FTX entirely (and actually approached SBF) and wasn’t even invited to the announcement of DOJ on Binance.

If he really “worked for the American people” as he says, he would have been fired a long time ago.

Gensler will cause Biden to lose the election.

Meanwhile, Alderoty also had something to say about Gensler’s recent comments.

Note a @GaryGensler: Courts aren’t “adjusting”… they’re checking that you’re breaking the law by exceeding your legal authority. https://t.co/rne7JRygm2

— Stuart Alderoty (@s_alderoty) June 26, 2024

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