fbpx
  • Price Tracker
  • Guest Post
  • Advertising & Partnership
  • Press Release
  • Editorial Policy
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » Ripple Challenges SEC’s Billion-Dollar Penalty Demand

Ripple Challenges SEC’s Billion-Dollar Penalty Demand

John Hobbs by John Hobbs
June 2, 2024
in Currencies
Ripple Challenges SEC's Billion-Dollar Penalty Demand
Share on FacebookShare on Twitter

Ripple Labs is pushing back against the US Securities and Exchange Commission (SEC) over the SEC’s demands for nearly $2 billion in penalties. Ripple argues that its current financial situation and past contracts are irrelevant to the case.

You might also like

SUI Price Hits All-Time High – But Valuation Remain Questioned

Solana could “Seriously Challenge” Ethereum as Institutions Favour Scalability, Says Sygnum

Ethereum 50% below its all-time high due to Interoperability Challenges and Whale Inactivity

In their defence, Ripple addresses two key issues in a letter to Judge Analisa Torres from Andrew J. Ceresney of Debevoise & Plimpton LLP. Ripple proposes a penalty cap of $10 million, opposing the SEC’s assertion that Ripple’s current financial status should influence the court’s decision on historical penalties. Ripple contends that its financial condition, evaluated years after the alleged violations, is irrelevant. The defence maintains, “Ripple is not arguing that it may be unable to pay any measured penalty,” and stresses that recent financial statements should not impact the court’s analysis. They also argue that disclosing their financial details is unnecessary, referencing legal precedents like Tropical Sails Corp. v. Yext, Inc., which supports the privacy of financial documents for private companies.

The second major issue is the SEC’s claim that Ripple’s historical contracts are outdated due to changes in XRP sales methods. The SEC views these contracts as irrelevant, but Ripple, represented by CFO Jonathan Billich, insists that past terms remain confidential and commercially sensitive. Billich argues that future counterparties could exploit past contract terms if they were disclosed. Ripple highlights that its sales methods have changed and current XRP sales no longer include conditions like discounts for sophisticated buyers.

Ripple also disputes the SEC’s claim that public disclosure of XRP prices is required under securities law, even if XRP were deemed investment contracts. The court has already ruled that XRP is not a security, making the historical contract prices irrelevant to registered securities. Ripple’s defence emphasises their right to privacy, with Ceresney stating, “Ripple has established a valid, commonly accepted basis for sealing its confidential financial documents.”

As the case approaches its conclusion, the decision on whether Andrea Fox serves as a summary or expert witness, as determined by Magistrate Judge Sarah Netburn, is pending before Judge Torres can rule on the remedies phase.

Ripple’s defence aims to protect its financial privacy and the confidentiality of its past contracts. By highlighting the changes in its sales methods and the irrelevance of its current financial state to past violations, Ripple seeks to reduce penalties and safeguard its business interests. The outcome of this high-profile case will significantly impact the cryptocurrency industry and the regulation of digital assets.

Tags: XRP News
John Hobbs

John Hobbs

John Hobbs serves as the co-Leader of the Coin Culture tokens and data team for Australia site, specialising in crypto derivatives, DeFi, market microstructure, and protocol analysis. John possesses a cryptocurrency portfolio including assets such as YFI, SHIB, DOGE, USDT, MATIC, MANA, GLMR, LINK and XMR. Additionally, he contributes over $5,000 to liquidity pools across various platforms including Compound, Curve, SushiSwap and PancakeSwap. John has a professional background in finance and data analysis, with over five years of experience as a crypto investor.

Recommended For You

SUI Price Hits All-Time High – But Valuation Remain Questioned

by John Hobbs
October 18, 2024
0
SUI Price Hits All-Time High – But Valuation Remain Questioned

SUI has recently closed the week at its all-time high (ATH) price of $2.30, outperforming top altcoins such as Polkadot (DOT) and ranking among the top 15 cryptocurrencies....

Read more

Solana could “Seriously Challenge” Ethereum as Institutions Favour Scalability, Says Sygnum

by John Hobbs
October 4, 2024
0
Solana could “Seriously Challenge” Ethereum as Institutions Favour Scalability, Says Sygnum

Swiss crypto bank Sygnum suggests that Solana could become a serious contender to Ethereum, particularly if financial institutions continue choosing it for real-world asset tokenization platforms and stablecoins. ...

Read more

Ethereum 50% below its all-time high due to Interoperability Challenges and Whale Inactivity

by John Hobbs
September 9, 2024
0
Ethereum 50% below its all-time high due to Interoperability Challenges and Whale Inactivity

Ethereum is currently grappling with significant market and technical challenges, which have contributed to its valuation being 50% below its all-time high of over $4,800. Analysts attribute this...

Read more

PayPal’s Stablecoin Reaches $1B Market Cap as Incentives Fuel Solana Activity

by John Hobbs
August 28, 2024
0
PayPal's Stablecoin Reaches $1B Market Cap as Incentives Fuel Solana Activity

PayPal's stablecoin, PYUSD, recently reached $1 billion in market cap, as reported by CoinMarketCap.  Issued with Paxos, PYUSD saw its supply more than double since June, despite the...

Read more

Concerns Rise Over Tron’s USDD After $732M Bitcoin Withdrawal From Reserve

by John Hobbs
August 24, 2024
0
Concerns Rise Over Tron's USDD After $732M Bitcoin Withdrawal From Reserve

The crypto community has shown concerns about the Tron-based stablecoin USDD after the Tron DAO withdrew $732 million worth of Bitcoin from its reserves. People fear that this...

Read more
Next Post
Linea Blockchain Halt Underscores Slow Decentralisation of Ethereum L2s

Linea Blockchain Halt Underscores Slow Decentralisation of Ethereum L2s

Most popular

  • Why Brands Should Adopt A ‘Hybrid DAO’ Model

    Why Brands Should Adopt A ‘Hybrid DAO’ Model

    171 shares
    Share 68 Tweet 43
  • Cryptocurrency Regulations in Australia: A Brief Overview 2024

    164 shares
    Share 66 Tweet 41
  • Kucoin Review 2024: Features, Fees & More

    147 shares
    Share 59 Tweet 37
  • Guide To Crypto Twitter: Influencers, Traders And Ventures 2024

    1202 shares
    Share 480 Tweet 300
  • Best Crypto Youtube Channels For Crypto Enthusiasts 2024

    740 shares
    Share 296 Tweet 185

Recommended

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

November 9, 2024
Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

November 8, 2024
Trump Declares Victory - What will the US Crypto be?

Trump Declares Victory – What will the US Crypto be?

November 6, 2024
Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

November 5, 2024
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Altcoin News Bitcoin CoinSpot Cryptocurrencies Crypto Exchange Crypto Tax DeFi Dogecoin Dogecoin News ETF Ethereum Feature FED FTX Games hacks Layer2 Markets meme Metaverse Mining NFT Opinion People Policy and Regulation Polygon SEC Security Solana News Stablecoins Tech Top Crypto News Australia | CoinCulture Trading US web3 XRP News

RECENT POSTS

  • Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push
  • Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency
  • Trump Declares Victory – What will the US Crypto be?

© 2023 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$103,807.000.190%
    BITCOIN
    24H : 0.190%
    Volume : $26,080,603,894.00
    Marketcap : $2,062,221,620,909.00
  • ethereumEthereum(ETH)$2,529.357.20%
    ETHEREUM
    24H : 7.20%
    Volume : $33,951,804,261.00
    Marketcap : $305,698,010,807.00
  • tetherTether(USDT)$1.0000.00%
    TETHER
    24H : 0.00%
    Volume : $33,563,249,021.00
    Marketcap : $149,884,882,005.00
  • rippleXRP(XRP)$2.390.250%
    XRP
    24H : 0.250%
    Volume : $4,940,204,425.00
    Marketcap : $139,907,675,344.00
  • binancecoinBNB(BNB)$660.28-0.24%
    BNB
    24H : -0.24%
    Volume : $1,391,738,385.00
    Marketcap : $96,444,353,110.00
  • solanaSolana(SOL)$174.641.77%
    SOLANA
    24H : 1.77%
    Volume : $5,641,232,203.00
    Marketcap : $90,801,501,189.00
  • usd-coinUSDC(USDC)$1.0000.00%
    USDC
    24H : 0.00%
    Volume : $11,612,967,491.00
    Marketcap : $60,790,278,513.00
  • dogecoinDogecoin(DOGE)$0.2366.44%
    DOGECOIN
    24H : 6.44%
    Volume : $4,564,510,275.00
    Marketcap : $35,201,488,496.00
  • cardanoCardano(ADA)$0.8052.25%
    CARDANO
    24H : 2.25%
    Volume : $1,514,852,513.00
    Marketcap : $29,033,226,209.00
  • tronTRON(TRX)$0.2640.550%
    TRON
    24H : 0.550%
    Volume : $1,167,944,271.00
    Marketcap : $25,117,936,721.00

Add New Playlist

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki

© 2023 CoinCulture. All rights reserved.