According to a recent series of posts by Stuart Alderoty, Ripple’s chief lawyer, the US Securities and Exchange Commission (SEC) is place to request a whopping $2 billion in fines and penalties.
According to a recent series of posts by Stuart Alderoty, Ripple’s chief lawyer, the US Securities and Exchange Commission (SEC) is place to request a whopping $2 billion in fines and penalties.
This has set the stage for what promises to be another fiercely contested legal showdown between
Alderoty did not mince words in his criticism of the SEC, stating that the regulator “remains hell-bent on wanting to punish and intimidate” the company, as well as the cryptocurrency industry in general.
Alderoty has stated that Ripple’s response to the SEC’s request will be submitted in April. “Our response will be submitted next month, but as we have all seen time and time again, this is a regulator that trades in false, mischaracterized claims designed to mislead. They stayed true to form here,” he said.
Ripple CEO Brad Garlinghouse echoed Alderoty’s sentiments and denounced what he perceives as regulatory overreach by the SEC.
Garlinghouse turned to X to draw attention to alleged instances of misconduct by the SEC under the leadership of Gary Gensler, citing judicial reprimands in previous cases.
The Ripple boss also pointed out the SEC’s lack of attention in the FTX case.
Garlinghouse further mentioned that seeking a $2 billion fine in a case that did not involve any allegations of fraud or recklessness is unprecedented:
“There is absolutely no precedent for this. We will continue to expose the SEC for what it is when we respond to this.”
