The Securities and Exchange Commission has officially submitted its final proposed judgment against Ripple labs.
The SEC asks the court in the document to award the agency a $1.9 billion judgment and grant it a final motion.
Brad Garlinghouse (CEO of Ripple) and Stuart Alderoty (Chief Legal Officer at Ripple), in posts posted on X.com Monday, said that regulatory agencies were seeking a billion dollars from Ripple.
“Our response will be filed next month, but as we all have seen time and again, this is a regulator that trades in statements that are false, mischaracterized and designed to mislead. They stayed true to form here,” Alderoty writes.
Ripple must pay this $1.9 billion within 30 days of the ruling. Ripple’s stock would also rise. “permanently restrained and enjoined from, directly or indirectly, conducting an unregistered offering of Institutional Sales.”
Ripple executives stated that they will be filing their response by the end of next month.
Alderoty stated that the SEC was “bent on wanting to punish and intimidate Ripple — and the industry at large.”
Garlinghouse accused SEC of being unresponsive “outside the law.”
“We will continue to expose the SEC for what they are when we respond to this,” He added.
Ripple and the SEC have been in an ongoing legal dispute for several years. US regulators claim that Ripple has violated US Securities laws.
Analisa Torres, a judge in California, issued a summation judgment last summer that dealt with the SEC’s original suit. But it was not a win for Ripple.
Torres ruled the Ripple XRP institutional sales could be classified as non-registered security transactions. The programmatic sale, however, did not meet the criteria.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
