WEB3

SEC Seeks $770 Million Settlement from Ripple Labs

by BSCN

October 26, 2023

The case is expected to involve a lengthy negotiation process, including a close examination of documents and transactions.

The U.S. Securities and Exchange Commission (SEC) is demanding a substantial $770 million settlement from Ripple Labs. The SEC alleges that Ripple Labs violated Federal Securities Laws concerning its institutional sales of XRP, the company's cryptocurrency.

The unfolding development was revealed by pro-Ripple legal representative John Deaton during a discussion on CryptoLawUS TV. The situation now points towards an intricate negotiation process that will involve a meticulous examination of numerous documents and transactions before the final penalty fee is determined. Notably, Ripple's prominent figures, Brad Garlinghouse and Chris Larsen are expected to contest the fee, potentially potentially stretching the case's timeline into late summer next year.

Speculation is rife regarding a possible appeal by the SEC, under the leadership of Gary Gensler. This speculation has gained momentum in the wake of Judge Analisa Torres' final verdict and is further fueled by the SEC's refusal to appeal in a similar lawsuit involving Grayscale.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].