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Ripple Labs Faces a $1.9 Billion Judgment Demanded by the SEC
In a legal dispute concerning purported violations of securities law, the SEC has put forth a final judgment proposal against Ripple Labs, which demands $1.9 billion in addition to limitations on future offerings.
Blockworks reports that the Securities and Exchange Commission (SEC) has submitted its proposed ultimate judgment, which seeks a $1.9 billion judgment, in its case against Ripple Labs. On X Monday, Ripple Chief Executive Officer Brad Garlinghouse and Chief Legal Officer Stuart Alderoty made the announcement that the organization intends to submit its response the following month. Garlinghouse charged the agency with operating illegally, whereas Alderoty criticized the SEC for trafficking in false and misleading statements.
Within thirty days of the verdict, Ripple would be obligated to remit the $1.9 billion if the judge grants the SEC's motion. Furthermore, the organization would be indefinitely prohibited from engaging in unregistered institutional sales offerings. Ripple and the SEC have been embroiled in a protracted legal dispute, during which the US regulator charges Ripple with willfully violating securities laws.
A summary judgment rendered by Judge Analisa Torres last summer delivered the SEC's initial complaint a setback but did not render a decisive victory for Ripple. In her decision, Torres determined that programmatic sales of Ripple's XRP token did not qualify as unregistered securities transactions, whereas she ruled that institutional sales could be classified as such.
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