The federal court, led by Judge Analisa Torres, recently rejected the SEC’s plea for an interlocutory appeal in their litigation against Ripple. This decision maintained that XRP is not a security, and Ripple is facing a substantial penalty of $700 million for the unauthorized sale of securities to institutional entities. The case is set to recommence on April 23, 2024.Retired lawyer and ex-regional director of the SEC, Marc Fagel, offered insight into what could possibly unfold next. He suggested that the SEC has a few courses of action ahead: march towards trial, seek a settlement, or entirely dismiss the Ripple case. Additionally, a suitable remedy for Ripple’s illicit securities offering must be addressed.Fagel expressed reservations about the SEC’s strategy, especially targeting Ripple’s premier executives, Brad Garlinghouse and Chris Larsen, in their initial grievance. He believes that pursuing singular cases against these executives seems redundant due to the unlikely chance of triumph.When probed about the potential settlement figure concerning the $700 million transgressions, Fagel remarked on the exceptional nature of the case, indicating the difficulty in pinpointing an exact amount. He ardently defended the SEC’s stance against Ripple, emphasizing the gravity of penalizing a firm that illegitimately accumulated a staggering sum of over $700 million. This stance, he believes, reiterates the SEC’s unwavering commitment to enforcing securities regulations.
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 | neutral |
| Relevance Score | 8 |
| People | Brad Garlinghouse, Marc Fagel, Analisa Torres, None, Chris Larsen |
| Companies | SEC, XRP, eToro, SEC’s, Ripple |
| Currencies | US Dollar, Ethereum, Sector, XRP, Bitcoin |
| Securities | None |
