SEC Seeks $1.9 Billion
Judgment Against Ripple
Labs
According to Blockworks, the Securities
and Exchange Commission (SEC) has filed
its proposed final judgment in its case
against Ripple Labs, seeking a $1.9 billion
judgment. Ripple CEO Brad Garlinghouse
and Chief Legal Officer Stuart Alderoty
announced the news on X Monday, stating
that the company will file its response next
month. Alderoty criticized the SEC for
trading in false and misleading statements,
while Garlinghouse accused the agency of
acting outside the law.
the judge grants the SEC's motion,
Ripple would be required to pay the $1.9
billion within 30 days of the judgment.
Additionally, the company would be
permanently restrained from conducting
unregistered offerings of Institutional
Sales. The SEC and Ripple have been
engaged in a multi-year legal battle, with
the US regulator alleging that Ripple
knowingly violated securities laws.
Last summer, Judge Analisa Torres issued
a summary judgment that dealt a blow to
the SEC's initial suit but did not result in a
complete win for Ripple. Torres ruled that
the institutional sales of Ripple's XRP
token could be categorized as unregistered
securities transactions, but she also fo
that the programmatic sales did not
qualify.
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