World Crypto Global
- Written by: Tareq Sikder
- Tue, 23 Apr 2024
- Israel
Ripple Labs has formally opposed the US Securities andExchange Commissions (SEC) proposition to levy a substantial fine of nearly $2billion against the company linked to the XRP Ledger blockchain. Filed yesterday(Monday), Ripple's opposition challenges the SEC's proposal, which seeks topersuade a New York judge to impose the hefty penalty.Legal Battle between Ripple and SECThe SEC's proposal outlines a fine totalling $1.95 billion,comprising $876 million for disgorgement, $198 million for prejudgmentinterest, and a civil penalty of $876 million. The basis for the SEC's casestems from allegations that Ripple Labs violated federal securities lawsthrough its institutional sales of XRP. Notably, the court ruled in favour ofRipple on some fronts, dismissing parallel claims by the SEC regarding thelegality of XRP sales on exchanges and through algorithms.Ripple's opposition document includes a redacted paragraphconcerning its revenue from institutional sales, the income taxes it paid, andits incurred losses. Within this segment, Ripple asserts that it had no gainsto disgorge, positioning it as a crucial argument in its defence against theSEC's proposed penalties.The Court should deny the SECs requests for an injunction,for disgorgement, and for pre-judgment interest, and should impose a civilpenalty of no more than $10 million, the filing said. BREAKING SEC VS. RIPPLE NEWS:#Ripple has filed a Motion to Strike new expert materials the SEC submitted in support of its Motion for Remedies and Entry of Final Judgment! FINAL JUDGEMENT! Source: https://t.co/QgmUZcL0aX pic.twitter.com/uaFAluXMG2 (@_Crypto_Barbie) April 22, 2024Anticipating Rise in Cryptocurrency IntegrationMeanwhile, Ripplehas upgraded its crypto-enabled cross-border payments solution, known asRipple Payments, as reported by FinanceMagnates. This enhancement aims to improve enterprise-grade blockchaininfrastructure. In a statement released today, the cross-border remittancenetwork highlights the ongoing shift in the global financial space, withincreasing investment from companies and legacy payment institutions inblockchain integration. It's anticipated that over 80% of global financialfirms will incorporate cryptocurrencies into their operations within the nextthree years. Currently, Ripple offers expanded access to its extensive globalnetwork, spanning over 70 crypto and traditional payout markets, resulting innearly 100% global payout coverage through a single onboarding process.This article was written by Tareq Sikder at www.financemagnates.com.
