SEC and Ripple saga continues

There's some drama unfolding with Ripple as they've been hit with new claims about using bots to mess with XRP prices back in 2015 and 2016, according to some court docs. But here’s the kicker: even with this lawsuit and all the bot allegations flying around, XRP's price is still on the rise, hitting $0.58 and possibly eyeing $0.64 next. Tech indicators are showing signs of more growth for XRP, but honestly, experts are saying to tread carefully.

What is strange is that XRP is centralized and it is possible to reach agreements to a large extent with the team, especially since its main orientation is in financial transfers between banks and as a cheap alternative to SWIFT and not a decentralized currency. In general, the SEC's focus on cryptocurrencies and their constant push for settlements will eventually lead to these companies either starting a legal battle against the SEC or moving their business from the United States and avoiding US market as much as possible.

https://www.theblock.co/amp/post/280419/td-cowen-gary-gensler-sec-crypto-cases-insider-trading TD Cowen expects Gary Gensler to continue bringing crypto cases after SEC win in insider-trading lawsuit __ In general, I believe that regulation is not finished yet, and the most interesting things are yet to come. Many altcoins will have big downside risks.

https://dailyhodl.com/2024/03/27/sec-asks-judge-to-order-ripple-to-pay-nearly-2000000000-in-fines-and-penalties/ SEC Asks Judge To Order Ripple To Pay Nearly $2,000,000,000 in Fines and Penalties "The U.S. Securities and Exchange Commission (SEC) has asked a judge to order Ripple to pay nearly $2 billion in fines and penalties. The SEC first sued the payments company in late 2020 for allegedly selling XRP as an unregistered security. Last summer, US District Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP, referred to as programmatic sales, did not constitute security offerings, contrary to what the SEC alleged." __ I remember before the fines were in the tens of millions, but now the SEC does not work with small fines

$2 billion in sanctions!!! This is a very large amount that I think Ripple will not agree to pay because it is completely unrealistic. I do not know what legal justifications the SEC relied on to request this large fine. I mean, are there legal justifications in American law that allow them to request such a large fine, or this determined by the head of the SEC? I know that there is an important simulation session scheduled for April 23, 2024, so I do not know whether there are new developments that prompted the SEC to request this fine?

Neither is Ripple giving up, they are going to launch a stablecoin later this year on their Ripple's institution-focused XRP Ledger and Ethereum blockchain (ERC-20 token). They are least bothered and do not care what the SEC is saying in court, either way, those who have been investing in XRP and those who will use their stablecoin will be the ones who will suffer if they lose the court battle. I think they will be in negotiations with the SEC in the future if they feel that the ruling will be going against them. Source

Ripple did in 2019 the same thing Ethereum did in 2014, but Ripple from 2016 to 2019 raised $255 million in investment while Ethereum raised about $20 million in investment in 2014. Usually a fair penalty, that amount of investment raised and additional penalties. But here you have to look at who the coins were sold to, because not all investments will be considered securities sales

Ripple, Developer Behind XRP Ledger, Enters Stablecoin Fray vs. Tether, USDC The token will be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents," according to the company. Ripple, the enterprise-focused blockchain service and creator of the XRP Ledger, is introducing its own stablecoin pegged to the price of the U.S. dollar. "The stablecoin market is over $150 billion today and is forecasted to exceed $2.8 trillion by 2028," Ripple said in a statement shared with CoinDesk. "There’s clear demand for stablecoins that deliver trust, stability and utility."

https://www.coindesk.com/policy/2024/04/23/ripple-says-10m-penalty-enough-rejects-secs-ask-of-195b-fine-in-final-judgment/ Ripple Says $10M Penalty Enough, Rejects SEC’s Ask of $1.95B Fine in Final Judgment "The court had found Ripple violated federal securities laws by making institutional sales of XRP but dismissed other allegations brought by the SEC. Ripple Labs has opposed the SEC’s proposal seeking a nearly $2 billion fine against the company. Ripple Labs said the Court should impose a civil penalty of no more than $10 million."

https://www.theblock.co/post/306488/xrp-price-activity-rise-as-ripples-ceo-says-he-expects-legal-resolution-very-soon"" XRP price, activity rise as Ripple's CEO says he expects legal resolution 'very soon' "Ripple’s CEO Brad Garlinghouse expects the company to settle its years-long litigation with the SEC ‘very soon’, according to a recent Bloomberg interview. XRP’s price has increased in recent weeks on speculation of an incoming settlement announcement, possibly following a closed-door SEC meeting next week. The XRP ledger has also seen its highest activity levels and new address creation since March, according to analytics firm Santiment. "

https://x.com/bgarlinghouse/status/1818291451136246236 "More evidence of SEC hypocrisy. Chair Gensler testifies the rules are clear, yet his SEC can't figure them out and applies them haphazardly, festering more industry confusion. A political agenda and/or bad faith litigation tactics. Def not a “faithful allegiance to the law"."

Everything about ripple stinks. It is a shame ripple is still even a "thing". Ripple vs SEC? SEC all the way Ripple isn't crypto. Ripple is a centralized premined excel sheet which shouldn't have any value. It is probably the biggest ponzi scheme we have ever seen.

I very much agree especially after the embarrassing loss of the SEC and uncle Gary against Ripple and Brad Garlichouse. Uncle Gary will throw everything including the kitchen sink on them while he is in his position. However, this will be a long case and this might continue more than 5 years, longer than the time uncle Gary's time in the SEC which will end on 2026.

I agree with you that Ripple is not a cryptocurrency, but it is Ripple that has taken the biggest fight with SEC, which looks comical. And Brad Garlichouse's efforts in court against SEC have created a lot of important precedents for the crypto industry. __ The Ripple team knows how to defend its interests in court and knows how to negotiate with governments and banks. I am not worried about this project.

https://www.courtlistener.com/docket/19857399/securities-and-exchange-commission-v-ripple-labs-inc/?order_by=desc#entry-974 https://forklog.com/news/sud-snizil-razmer-shtrafa-ripple-s-2-mlrd-do-150-mln "The court fined Ripple $125 million as part of a multi-year legal battle with the U.S. Securities and Exchange Commission (SEC). The regulator initially demanded $2 billion." https://x.com/bgarlinghouse/status/1821289051191963861? "The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company. This is a victory for Ripple, the industry and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone." ___ As I wrote in a previous post Ripple knows how to protect its interests and give SEC a good slap in the face.

https://x.com/EleanorTerrett/status/1839439721149116453 " A former @SECGov lawyer who recently left the agency tells me the SEC will ‘probably’ appeal Judge Torres’s July 2023 ruling concerning the $XRP programmatic sales in the @Ripple  case partly because: “everyone over there [at the SEC] truly believes that the decision is wrong, that it’s not good law, and should be appealed.” Going to do a deeper dive into the SEC’s options and what we could see as we near the October 7th appeal deadline."

https://cointelegraph.com/news/bitwise-files-xrp-etf Bitwise files XRP ETF trust registration in Delaware "An application for a Bitwise XRP exchange-traded fund (ETF) has appeared on the State of Delaware’s Division of Corporations website. According to the filing, the Bitwise XRP ETF was incorporated on Sept. 30, 2024. The registered agent was listed as CSC Delaware Trust Company, which is headquartered in Wilmington, Delaware. A Bitwise spokesperson confirmed to Cointelegraph that the asset manager had registered the fund trust entity. The Delaware registration is a first step and does not necessarily mean an application with the United States Securities and Exchange Commission (SEC) is imminent. A formal SEC filing could take months. According to the filing, the Bitwise XRP ETF trust was registered on Sept. 30. The registered agent was listed as CSC Delaware Trust Company, headquartered in Wilmington, Delaware."

Interesting to see where this will lead, however, there is lots of time to pass without any updates on it, as it was said.

SEC is probably looking to extort Ripple labs for a few billion dollars. It's hilarious to see such an alligation to be honest. I am not sure if there's a way to prove their bot usage back in 2015-16. But I am sure SEC will eventually succeed in this case and fill the coffers of US government by a few billion dollars. US is becoming a horror ground for altcoins businesses. I wonder why these companies are moving out permanently? This kind of attacks from government bodies should be enough as a reason to move out somewhere safer like Dubai or Singapore.

SEC is doing such extortion under the leadership of Gary. After November election outcome I am sure Gary will resign. In that scenario such kind of extortion, which I have been writing will go down. Do remember the US has the biggest pool of talents globally, the so call countries that you have quoted cannot come up organically with those talents. In the end the US will still be the destination for new talenti and the Universities which are churning or creating new innovators.