As a crypto investor with experience in following regulatory developments closely, I find the ongoing legal battle between Ripple and the SEC both intriguing and nerve-wracking. The recent resignation of David Hirsh, the Chief of Crypto Asset and Cyber Unit at the SEC, adds another layer to this complex situation.
TL;DR
- The legal battle continues with the resignation of SEC’s Chief of Crypto Asset and Cyber Unit, David Hirsh, as the trial phase progresses.
- The regulator reduced its proposed fine from $2 billion to $102.6 million, while Ripple insists on a maximum of $10 million.
What’s New?
As a researcher following the ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC), I’ve observed that the case has recently provided more developments rather than reaching a resolution. Notably, the SEC experienced a significant change as its head of the Crypto Asset and Cyber Unit in the Division of Enforcement, David Hirsh, decided to resign after nearly a decade with the organization.
As a researcher investigating recent news, I came across some speculation suggesting that a certain individual might be planning to replace the Securities and Exchange Commission (SEC) with a marketplace called “pump.fun.” This marketplace is built on the Solana blockchain and allows users to create and distribute their own tokens. However, I have since learned from the individual himself that these rumors are unfounded and should be disregarded.
As a crypto investor, I’m closely following the developments of the ongoing lawsuit between the parties. The resignation of a key figure comes at a critical moment in this legal battle, as we’ve entered the trial phase. Both sides have already submitted essential data and followed court rules over the past few months. Now, we wait for the judge’s ruling, according to some industry experts. One legal professional who shares this view is American lawyer Jeremy Hogan.
Ripple’s Possible Fine
The size of Ripple’s possible penalty has become the bone of contention between the two entities. Initially, the SEC sought a whopping $2 billion fine on the company, alleging it of conducting an unregistered securities offering by selling its XRP token.
As an analyst, I would recast the given text as follows:
Shortly after, the SEC softened its tone, proposing a $102.6 million fine:
“Ripple takes issue with the SEC’s calculation of penalties based on the Terraform Labs settlement. The ratio of penalty to gross profits in that case was 11.7%. Applying this ratio to Ripple’s $876.3 million in gross profits would result in a significantly larger penalty than the $10 million ceiling we’ve proposed.”
The settlement of the legal dispute between Ripple and the SEC could lead to substantial price fluctuations for XRP. Some analysts predict a bull market if Ripple emerges as the clear winner in this court case. For those interested in delving deeper into this situation and its potential consequences for the token, please refer to our informative video below.
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2024-06-20 11:42