Ripple challenges SEC penalties as biased, referencing Terraform case.
Monica Long, President of Ripple, criticizes SEC’s crypto stance at Money20/20.
Renowned XRP lawyer Bill Morgan highlights SEC’s “odd hostility” towards Ripple, as the company’s legal battle with the agency intensifies. Morgan suggests possible bias as SEC’s penalties against Ripple appear disproportionately harsh compared to other crypto cases.
In a recent court filing, Ripple points out the SEC’s inconsistency by citing the TerraForm Labs case. The SEC had initially demanded $4.47 billion in penalties from TerraForm Labs, with $3.58 billion for disgorgement and $420 million in civil fines, as reported by CNF.
This amount represented approximately 1.27% of TerraForm’s $33 billion in gross sales. Despite significant investor losses and fraudulent activities in the TerraForm case, the SEC settled for a penalty lower than its usual standards.
Contrastingly, the SEC is asking for an $876 million fine in the Ripple case. Given that penalties in other crypto cases typically range from 0.6% to 1.8% of gross sales, this figure is roughly 20 times higher. Ripple’s legal team argues that this glaring difference exposes a biased and arbitrary approach by the SEC.
Meanwhile, data from CoinMarketCap reveals that XRP’s price is currently around $0.4776, experiencing a 2.14% drop in the past 24 hours and an 8.82% bearish trend over the previous week. The ongoing legal uncertainties and tensions surrounding the dispute are reflected in the market’s performance.
Furthermore, Monica Long, Ripple’s President, has publicly questioned the SEC’s stance on the cryptocurrency sector. Speaking at the Money20/20 conference, Long emphasized the importance of creating a more conducive environment for innovation in crypto and clearer regulatory guidelines.
For more information:
– Purchase Ripple (XRP) Guide
– Ripple XRP Wallet Tutorial
– Track 24-hour XRP Price
– Latest Ripple (XRP) News
– What is Ripple (XRP)?
