It has been reported that the U.S. Securities and Exchange Commission (SEC) is requesting that Ripple pay a $770 million fine for breaking securities laws as per latest #cryptonews .
The SEC claims that the company's institutional sales of its #cryptocurrency , $XRP , violated federal securities laws, which is the basis for this demand.
Before the penalty fee is decided, John Deaton, the #XRP holders' attorney, expects a drawn-out negotiation process that will involve reviewing numerous documents and transactions.
It is anticipated that Ripple's principal players, @bgarlinghouse and @chrislarsensf, will contest this charge, potentially extending the #crypto case until late summer of next year.
