{"id":16363,"date":"2024-03-26T07:57:25","date_gmt":"2024-03-26T07:57:25","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=16363"},"modified":"2024-03-26T07:57:25","modified_gmt":"2024-03-26T07:57:25","slug":"ripple-faces-2-billion-sec-fine-despite-xrp-not-being-security","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/ripple-faces-2-billion-sec-fine-despite-xrp-not-being-security\/","title":{"rendered":"Ripple Faces $2 Billion SEC Fine Despite XRP Not Being Security"},"content":{"rendered":"<p>In the latest development of the ongoing legal saga between Ripple Labs and the United States Securities and Exchange Commission (SEC), Ripple&#8217;s Chief Legal Officer, Stuart Alderoty, has revealed that the SEC is seeking a hefty $2 billion penalty against the blockchain firm.<\/p>\n<p>The SEC&#8217;s request for the substantial fine was disclosed by Alderoty in a post on March 25, with the details of the filing under seal until March 26. This civil case against Ripple has been unfolding since the SEC&#8217;s initial filing in 2020.<\/p>\n<p>Alderoty criticized the SEC&#8217;s approach, accusing the regulator of overstepping its authority and aiming to intimidate Ripple and the wider industry. He expressed confidence in the court&#8217;s fairness during the remedies phase.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/ripple-ceo-open-to-xrp-etf-but-tight-lipped-on-plans\/\">Ripple<\/a> intends to respond to the SEC&#8217;s request in April, with Alderoty asserting that the regulator has been misleading in its statements. Ripple CEO Brad Garlinghouse also condemned the SEC&#8217;s actions, emphasizing the unprecedented nature of the proposed $2 billion fine and pledging to continue challenging the regulator&#8217;s assertions.<\/p>\n<p>The SEC&#8217;s lawsuit, filed in December 2020, alleged that Ripple had conducted unregistered securities sales amounting to $1.3 billion through its XRP token offerings. However, a significant ruling in July 2023 by Judge Analisa Torres determined that XRP was not a security in certain contexts, which led to the dismissal of charges against Garlinghouse and co-founder Chris Larsen in October 2023.<\/p>\n<p>Despite this development, the SEC&#8217;s legal battles with crypto firms persist, with ongoing civil lawsuits against prominent entities such as Coinbase, Binance, and Kraken.<\/p>\n<p>This latest revelation underscores the high stakes and contentious nature of the legal proceedings between Ripple and the SEC, with significant implications for the cryptocurrency industry as a whole.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the latest development of the ongoing legal saga between Ripple Labs and the United States Securities and Exchange Commission (SEC), Ripple&#8217;s Chief Legal Officer, Stuart Alderoty, has revealed that the SEC is seeking a hefty $2 billion penalty against the blockchain firm. The SEC&#8217;s request for the substantial fine was disclosed by Alderoty in<\/p>\n","protected":false},"author":1,"featured_media":10474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[509,1813,39],"class_list":["post-16363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ripple","tag-ripple-labs","tag-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ripple Faces $2 Billion SEC Fine Despite XRP Not Being Security - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty cited a judge imposing sanctions on the SEC in a lawsuit against Debt Box.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/ripple-faces-2-billion-sec-fine-despite-xrp-not-being-security\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ripple Faces $2 Billion SEC Fine Despite XRP Not Being Security - 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