{"id":604644,"date":"2024-04-23T11:00:34","date_gmt":"2024-04-23T11:00:34","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=604644"},"modified":"2024-06-11T08:12:37","modified_gmt":"2024-06-11T08:12:37","slug":"ripple-vs-sec-update-lawsuit","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/ripple\/ripple-vs-sec-update-lawsuit\/","title":{"rendered":"Ripple Vs. SEC Update: Is The Lawsuit Finally Coming To An End With A Settlement?"},"content":{"rendered":"

The <\/span>legal battle<\/span><\/a> between Ripple and the Securities and Exchange Commission (SEC) is getting heated and, following recent developments, looks far from over. This is due to the disagreement between both parties on the appropriate remedy for <\/span>Ripple\u2019s violation of securities laws<\/span><\/a>.\u00a0<\/span><\/p>\n

Ripple Proposes $10 Million Fine Instead<\/h2>\n

In opposition to the SEC\u2019s motion for remedies and entry of final judgment, Ripple has <\/span>proposed<\/span><\/a> that the court should not impose a civil penalty of not more than $10 million. This figure represents a far cry from the SEC\u2019s proposed judgment. The Commission had earlier <\/span>asked<\/span><\/a> the court to order Ripple to pay the sum of $1,950,768,364 as a pecuniary fine for violations relating to its <\/span>institutional XRP sales<\/span><\/a>.<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts Cardano Recovery After ABC Wave Completion, Here\u2019s The Target<\/a><\/div>\n

Specifically, the SEC proposed that Ripple pay a <\/span>civil penalty<\/span><\/a> of $876,308,712 alongside a prejudgment interest of $198,150,940 and disgorgement of $876,308,712, which represents the profits from its violation of the Securities Act. However, Ripple asked the court to deny the requests for <\/span>disgorgement<\/span><\/a> and pre-judgment interest and only focus on the civil penalty, which shouldn\u2019t be more than $10 million.\u00a0<\/span><\/p>\n

Ripple\u2019s lawyers also laid out arguments as to why the <\/span>civil penalty<\/span><\/a> should not exceed $10 million. Firstly, they stated that the first tier of the statutory maximum penalties is what applies to this case \u201cbecause the SEC has never alleged fraud, deceit, or manipulation and has failed <\/span>in its belated attempt to show that Ripple recklessly disregarded the law.\u201d<\/span><\/p>\n

Therefore, Ripple argued that the Commission\u2019s request for a civil penalty of over $876 million isn’t the appropriate remedy for the first-tier structure. They added that the company\u2019s revenue from pre-complaint institutional sales should be the only earnings considered when deciding on a remedy, which makes a civil penalty of not more than $10 million more appropriate.\u00a0<\/span><\/p>\n

Accounting Error From The SEC<\/h2>\n

Ripple suggested that <\/span>the SEC<\/span><\/a> made an error in calculating the company\u2019s earnings while deciding on the right amount for which the crypto firm should be fined. According to the company’s lawyers, the Commission failed to \u201canalyze or even consider any other categories of Ripple\u2019s expenses.\u201d<\/span><\/p>\n

Meanwhile, they allege that the SEC didn\u2019t offer any evidence or explanation \u201cfor why cost if revenue is the only category of Ripple\u2019s deductible expenses.\u201d Simply put, Ripple argues that the regulator, while calculating Ripple\u2019s earnings, didn\u2019t consider how much the company expended before deciding that almost $2 billion was an appropriate fine.\u00a0<\/span><\/p>\n

Ripple\u2019s lawyers made this argument while stating that the SEC also erred in relying on the declaration of Andrea Fox, an accountant at the agency. They claim that the SEC never disclosed Fox as a fact or <\/span>expert witness<\/span><\/a> and that she wasn\u2019t deposed during the initial discovery or supplemental <\/span>remedies discovery<\/span><\/a>. Therefore, they moved to strike her declaration as an \u201cuntimely disclosed expert report.\u201d<\/span><\/p>\n

Ripple Also Opposes SEC\u2019s Proposed Injunction<\/h3>\n

As part of its entry for final judgment, the SEC had asked the court to \u201cpermanently\u201d restrain and enjoin Ripple from \u201cdirectly or indirectly conducting an unregistered offering of Institutional Sales.\u201d Understanding how this could affect their <\/span>ODL transactions<\/span><\/a>, Ripple has asked the court to deny the request for an injunction.\u00a0<\/span><\/p>\n

Related Reading: 3 Major Metrics To Watch Out For That Can Impact Ethereum Prices<\/a><\/div>\n

The crypto firm argues that the Commission has failed to show why an injunction is warranted. Injunctions are usually granted when there is a fear of future violations. <\/span>Ripple<\/span> claims that the SEC has failed to show a \u201creasonable likelihood of future violations.\u201d\u00a0<\/span><\/p>\n

The crypto firm’s lawyers further revealed that Ripple has \u201cchanged the way it sells XRP and changed its contracts to avoid any future violations.\u201d To show good faith, they submitted a declaration by <\/span>Ripple\u2019s President, Monica Long<\/span><\/a>, which describes the steps the company has taken to avoid future violations.\u00a0<\/span><\/p>\n

\"XRP<\/p>\n

XRP price recovers above $0.54 | Source: XRPUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from Coinpedia, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The legal battle between Ripple and the Securities and Exchange Commission (SEC) is getting heated and, following recent developments, looks far from over. This is due to the disagreement between both parties on the appropriate remedy for Ripple\u2019s violation of securities laws.\u00a0 Ripple Proposes $10 Million Fine Instead In opposition to the SEC\u2019s motion for remedies and entry of final judgment, Ripple has proposed that the court should not impose a civil penalty of not more than $10 million. This figure represents a far cry from the SEC\u2019s proposed judgment. The Commission had earlier asked the court to order Ripple to pay the sum of $1,950,768,364 as a pecuniary fine for violations relating to its institutional XRP sales. Related Reading: Crypto Analyst Predicts Cardano Recovery After ABC Wave Completion, Here\u2019s The Target Specifically, the SEC proposed that Ripple pay a civil penalty of $876,308,712 alongside a prejudgment interest of $198,150,940 and disgorgement of $876,308,712, which represents the profits from its violation of the Securities Act. However, Ripple asked the court to deny the requests for disgorgement and pre-judgment interest and only focus on the civil penalty, which shouldn\u2019t be more than $10 million.\u00a0 Ripple\u2019s lawyers also laid out arguments as to why the civil penalty should not exceed $10 million. Firstly, they stated that the first tier of the statutory maximum penalties is what applies to this case \u201cbecause the SEC has never alleged fraud, deceit, or manipulation and has failed in its belated attempt to show that Ripple recklessly disregarded the law.\u201d Therefore, Ripple argued that the Commission\u2019s request for a civil penalty of over $876 million isn’t the appropriate remedy for the first-tier structure. They added that the company\u2019s revenue from pre-complaint institutional sales should be the only earnings considered when deciding on a remedy, which makes a civil penalty of not more than $10 million more appropriate.\u00a0 Accounting Error From The SEC Ripple suggested that the SEC made an error in calculating the company\u2019s earnings while deciding on the right amount for which the crypto firm should be fined. According to the company’s lawyers, the Commission failed to \u201canalyze or even consider any other categories of Ripple\u2019s expenses.\u201d Meanwhile, they allege that the SEC didn\u2019t offer any evidence or explanation \u201cfor why cost if revenue is the only category of Ripple\u2019s deductible expenses.\u201d Simply put, Ripple argues that the regulator, while calculating Ripple\u2019s earnings, didn\u2019t consider how much the company expended before deciding that almost $2 billion was an appropriate fine.\u00a0 Ripple\u2019s lawyers made this argument while stating that the SEC also erred in relying on the declaration of Andrea Fox, an accountant at the agency. They claim that the SEC never disclosed Fox as a fact or expert witness and that she wasn\u2019t deposed during the initial discovery or supplemental remedies discovery. Therefore, they moved to strike her declaration as an \u201cuntimely disclosed expert report.\u201d Ripple Also Opposes SEC\u2019s Proposed Injunction As part of its entry for final judgment, the SEC had asked the court to \u201cpermanently\u201d restrain and enjoin Ripple from \u201cdirectly or indirectly conducting an unregistered offering of Institutional Sales.\u201d Understanding how this could affect their ODL transactions, Ripple has asked the court to deny the request for an injunction.\u00a0 Related Reading: 3 Major Metrics To Watch Out For That Can Impact Ethereum Prices The crypto firm argues that the Commission has failed to show why an injunction is warranted. Injunctions are usually granted when there is a fear of future violations. Ripple claims that the SEC has failed to show a \u201creasonable likelihood of future violations.\u201d\u00a0 The crypto firm’s lawyers further revealed that Ripple has \u201cchanged the way it sells XRP and changed its contracts to avoid any future violations.\u201d To show good faith, they submitted a declaration by Ripple\u2019s President, Monica Long, which describes the steps the company has taken to avoid future violations.\u00a0 XRP price recovers above $0.54 | Source: XRPUSDT on Tradingview.com Featured image from Coinpedia, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":604658,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[3680,92145,3799,89194,85513,4531,83637,13172,10972,78763],"class_list":["post-604644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-ripple","tag-ripple-news-ripple-vs-sec","tag-sec","tag-sec-news","tag-sec-vs-ripple","tag-xrp","tag-xrp-news","tag-xrp-price","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nRipple Vs. 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