SEC Pressing for $2 Billion in Fines and Penalties from Ripple Labs: Garlinghouse
Ripple is facing a substantial legal challenge as the U.S. Securities and Exchange Commission (SEC) seeks $2 billion in fines and penalties against the company.
Ripple Labs CEO Brad Garlinghouse recently published a post on social media, saying that the SEC intends to ask the Judge for $2 billion in a lawsuit “that involved no allegations (let alone findings)” of fraud or reckless behavior.
The SEC plans to ask the Judge for $2B in a case that involved no allegations (let alone findings) of fraud or recklessness. There is absolutely no precedent for this. We will continue to expose the SEC for what they are when we respond to this. pic.twitter.com/LdMQFQm70j
— Brad Garlinghouse (@bgarlinghouse) March 25, 2024
Stuart Alderoty, Chief Legal Officer at Ripple, also confirmed in another post that the SEC’s brief will be made public on Tuesday, detailing the fine request.
“Our response will be filed next month,” said Alderoty. “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.”
Rather than faithfully apply the law, the SEC remains bent on wanting to punish and intimidate Ripple – and the industry at large. 3/4
— Stuart Alderoty (@s_alderoty) March 25, 2024
“Rather than faithfully apply the law, the SEC remains bent on wanting to punish and intimidate Ripple – and the industry at large,” added Alderoty.
Alderoty believed that the Court will handle the remedies phase with fairness. Garlinghouse also replied to Alderoty’s post, heavily criticizing the Commission’s Chair Gary Gensler for the wrongdoings.
“Gensler’s SEC has repeatedly acted outside the law – not going unnoticed by Judges admonishing the agency for a
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