In a series of posts on social media platform X, a pro-XRP lawyer expressed his disdain for the Securities and Exchange Commission (SEC) and wished them the worst in the ongoing litigation against Ripple. The lawyer hopes that the court will impose the smallest possible penalties on Ripple in the upcoming penalty phase of the case. The penalty phase refers to the period in which the SEC and Ripple are expected to negotiate and agree on the fine that Ripple will have to pay for its institutional sales. However, if both parties cannot reach an agreement, Judge Analisa Torres may have to intervene. The scheduled trial for the SEC’s case against Ripple and its founders is proceeding after the dismissal of claims against certain individuals. Contrary to popular belief, the SEC cannot immediately proceed to appeal, as Judge Torres must issue a final judgment acknowledging the dismissal and deciding on remedies for the violation. The lawyer’s criticism of the SEC stems from the Commission’s initial attempt to halt future sales of XRP by Ripple, which would have had severe consequences for the company and its executives. The lawyer argues that the SEC’s actions were unwarranted, as there were no allegations of fraud or evidence of investor harm. Ripple’s co-founder, Chris Larsen, shares similar sentiments and believes that the SEC should be held accountable for its baseless claims. He also accuses the Commission of damaging the country’s reputation as a hub for innovation.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Judge Analisa Torres, Chris Larsen, Larsen, Garlingouse, Morgan |
| Companies | Judge Analisa Torres, Ripple, Larsen, XRP, SEC, Garlingouse |
| Currencies | XRP |
| Securities | None |
