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Cryptocurrency investors have been preoccupied for years with the SEC lawsuit, which has adversely affected the XRP price. The ongoing legal struggle is one of the main reasons for its lackluster performance. A new development occurred just a few minutes ago.
Last Minute News on Ripple Case
Bitcoin’s price today once again exceeded the anticipated $70,000 mark and the SEC made its latest move regarding the ongoing Ripple case. Accordingly, the securities regulator fined Ripple Labs $2 billion, and Ripple CEO Brad Garlinghouse said;
“Gensler’s SEC has repeatedly acted outside of the law – Judges have warned the institution for ‘grossly misusing the power entrusted to it by Congress’ (DEBT Box case) and for acting ‘without adherence to the laws’ (Ripple case). Let’s not forget Gensler’s indifference towards SBFraud.”
Ripple’s Chief Legal Officer Stuart Alderoty was the one to announce the latest development;
“As you will see when the SEC’s summary is made public tomorrow, they are asking the Judge for a $2 billion fine and penalty. Our response will be presented next month, but as we have all seen time and again, this regulatory body acts with mischaracterized and misleading statements designed to deceive. Instead of faithfully enforcing the laws, the SEC wants to punish and intimidate Ripple and the industry at large. We believe the court will approach the resolution phase fairly.”
