At Extreme Investor Network, we pride ourselves on providing valuable insights and unique perspectives on the stock market, trading, and all things related to Wall Street. Today, we’re diving into the latest developments surrounding Ripple and the Securities and Exchange Commission (SEC) case.
Ripple’s Chief Legal Officer, Stuart Alderoty, recently made a big announcement about the availability of the redacted opposition brief in response to the SEC’s request for $2 billion in penalties for legacy institutional sales. In the brief, Ripple vehemently opposed the SEC’s request, emphasizing that there were no allegations or findings of recklessness or fraud in the case. Alderoty highlighted that the SEC’s ask for penalties is just another example of the agency’s ongoing intimidation against the entire crypto industry in the US.
One key argument that Ripple presented in its opposition brief was the assurance that future violations would not recur. Ripple addressed the SEC’s claims of post-complaint breaches of US securities laws by emphasizing that it has taken steps to ensure that its counterparties qualify as accredited investors and that its subsidiaries have obtained licenses to sell XRP as a digital currency outside of the United States, under the supervision of regulators who do not view XRP sales as securities transactions.
Additionally, Ripple made it clear that it limited post-complaint XRP sales to On-Demand Liquidity (ODL) sales, which are primarily conducted outside of the US. Ripple’s ODL contracts are designed to protect buyers from losses and prevent them from earning profits, further supporting their argument against the SEC’s allegations.
In response to the SEC’s push for a $2 billion disgorgement, Ripple presented counterarguments to challenge the basis of such a steep penalty. With Ripple’s confidence in the fairness of the Judge overseeing the case, the final remedies phase is sure to bring further clarity and potentially reshape the future of crypto regulation in the US.
Stay tuned for more updates and in-depth analysis on the Ripple-SEC case and other market news at Extreme Investor Network. Our commitment to providing valuable and insightful content sets us apart as a go-to source for all things related to the stock market and investing.
