SEC asks the court to impose heavy penalties on Ripple! Ripple: Gensler's consistent smear campaign and abuse of power in law enforcement

In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple for allegedly selling unregistered “securities” (XRP) since 2013. Conduct financing activities of up to $1.3 billion.

In July last year, Ripple achieved an initial victory, and the case is expected to go to final trial on April 23 this year. This outcome could have significant implications for the cryptocurrency industry.

SEC requests a fine of up to $2 billion for Ripple

Ripple Chief Legal Officer Stuart Alderoty said that in a document released tomorrow, the SEC will ask a judge to impose a fine of up to $2 billion on Ripple and punishment. He was dissatisfied with the SEC’s approach, accusing them of not faithfully enforcing the law, but instead continued to try to impose penalties and threats on Ripple and the entire industry. He stressed that they were confident that the court would deal fairly with the matter at the remedial stage.

Alderoty added that the company plans to respond to the SEC’s request in April, claiming that the SEC once again used false, distorted statements intended to mislead. They believe that the SEC has shown a consistent style in this incident.

Executive: Judge did not overlook SEC abuse of power

Ripple’s CEO Brad Garlinghouse responded to the SEC’s actions under Gary Gensler, noting that the SEC may have overstepped in some cases its legal authority. The court expressed concern about the SEC’s conduct in the DEBTBox case and the Ripple case, warning the agency of possible abuse of power and disloyalty to the law.

In an unprecedented move, the SEC plans to ask a judge to fine Ripple $2 billion in a case that does not allege fraud or reckless conduct. We will continue to reveal the SEC’s true intentions and elaborate in our defense.

In 2023, Ripple and the SEC won three lawsuits, namely:

• On July 13, Judge Analisa Torres ruled in a summary judgment XRP is not considered a security in retail transactions.

• On October 4, Judge Torres dismissed the SEC’s interlocutory appeal filed on August 10.

• On October 20, the SEC dropped all charges against CEO Brad Garlinghouse and co-founder Chris Larsen

The SEC misled the court that it had There is precedent

On March 18, Judge Robert J. Shelby imposed sanctions on the SEC because of its "malicious" behavior in the evidence provided by DebtBox.

Shelby explained that the so-called "key evidence" provided by the SEC lacked any basis but was still advanced in a "false and intentionally misleading manner." He said: "This malicious behavior is inseparable from abuse and is appropriate." The sanction is compensation for all costs (attorney fees, etc.) incurred as a result of the conduct."

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