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Ripple appeals $2 billion SEC fine
Learn how Ripple responded to the SEC's $2 billion fine and why the crypto company is appealing. All details here! Trade crypto via Bitpanda now.
Ripple appeals $2 billion SEC fine
XRP News: Ripple has objected to the SEC's demand to pay a penalty of around $2 billion. The penalty consists of various components, including restitution and civil penalties. Selling XRP to institutional customers was deemed illegal, which led to this claim.
Ripple argues that the requested fine is unreasonably high and that the SEC's justification for it is inadequate. It is emphasized that no harm to investors by Ripple has been proven. The company is ready to pay $10 million as a penalty for illegally selling cryptocurrencies.
Stuart Alderoty, Ripple's general counsel, describes the SEC's allegations as illegitimate and sees them as an attempt to put pressure on the crypto industry in the USA. The legal battle between Ripple and the SEC has attracted a lot of attention since December 2020. Alderoty expects a fair trial and an appropriate sentence in this case.
The SEC is also attacking the Ripple On-Demand-Liquidity (ODL) system, which is designed for cross-border payments and uses XRP as an intermediary. Ripple emphasizes that ODL is managed by a regulated Singaporean subsidiary over which the US Securities and Exchange Commission has no direct oversight. The use of XRP in this system should not be viewed as an investment.