As a long-term crypto investor with a keen interest in the regulatory landscape, I’ve followed the Ripple versus SEC lawsuit closely. The latest developments in this ongoing case have been intriguing, to say the least.
As a crypto investor following the Ripple Labs vs. SEC case closely, I can’t help but feel uncertain about when this legal battle will reach its conclusion. Despite being in the trial phase, the outcome remains elusive and unpredictable.
That said, here’s what’s been going on lately as of June 27th.
Current Standing in the Ripple v. SEC Lawsuit
As a researcher, I’ve noticed an intriguing turn of events in the recent developments. The Commission originally sought a substantial fine of $2 billion, but surprisingly, they have since revised their demand down to $102.6 million.
The SEC stated at the time:
Ripple’s fine for violating regulations doesn’t take into account the Terraform Settlement’s penalty in relation to its gross profits. This ratio (420 million / 3.587 billion) equals approximately 11.7%. Applying this percentage to Ripple’s 876.3 million gross profits, the SEC proposes a disgorgement of around 102.6 million dollars in penalties, which is much larger than the 10 million dollar cap Ripple has set.
Ripple’s legal team demanded a lower penalty to the tune of no more than $10 million.
Meanwhile, the SEC’s Chief of the Crypto Asset and Cyber Unit – David Hirsh – resigned.
As a crypto investor following Ripple’s progress closely, I can’t help but acknowledge the ongoing legal challenges the company faces. Specifically, in California, where our CEO Brad Garlinghouse is named as a defendant in a civil lawsuit. However, it’s important to note that there have been recent positive developments in this regard. Our chief legal officer has shared encouraging updates, offering reassurance and maintaining confidence in Ripple’s ability to navigate these complex issues effectively.
A California judge has rejected all claims that Ripple broke federal securities regulations, leaving the New York court’s decision that XRP is not classified as a security intact.
Bashing Gary Gensler
Stuart Alderoty, Ripple’s legal head, and Brad Garlinghouse have both publicly expressed strong opposition to SEC Chairman Gary Gensler’s recent positions.
The latter said the other day, talking about crypto:
In this domain, many prominent figures from a few years back have found themselves in legal trouble, with some currently incarcerated, others on the verge of being arrested, and a few facing extradition proceedings.
To this, Garlinghouse responded:
Absolute nonsense coming from Gary Gensler today.
This thinly veiled comment from the individual who failed to anticipate FTX’s downfall and instead cultivated a relationship with Sam Bankman-Fried, was not among those extended an invitation to the Department of Justice’s press conference regarding Binance.
If he truly represented “the interests of the American people” as he claims, he would have been dismissed from his position much earlier.
Gensler will cause Biden to lose the election.
Meanwhile, Alderoty also had something to say on Gensler’s recent comments.
As a researcher, I would like to bring your attention to the recent court rulings, Gary. It seems that the judiciary is not simply “adjusting” things but rather finding that certain actions taken exceed the scope of your statutory authority as outlined by law.
— Stuart Alderoty (@s_alderoty) June 26, 2024
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2024-06-27 10:21