Ripple Battles SEC: Lawyer Points Out ‘Strange Animus’

Ripple

  • Ripple argues the SEC’s penalty demands show bias, citing the Terraform case.
  • Ripple President Monica Long criticizes the SEC’s crypto approach at Money20/20.

As well-known XRP attorney Bill Morgan draws attention to the SEC’s “strange animus” against Ripple, the company’s continuous legal struggle with the agency has reached new heights. Morgan claims there may be bias because the penalties the SEC is pursuing against Ripple are excessively severe in comparison to other cryptocurrency-related cases.

To highlight this alleged contradiction, Ripple cited the TerraForm Labs case in its most recent court filing. The SEC had sought penalties of $4.47 billion from TerraForm Labs, of which $3.58 billion was to be disgorged and $420 million was to be paid in civil fines, echoing earlier coverage by CNF.

This total represented about 1.27% of TerraForm’s $33 billion in gross sales. Even with the substantial investor losses and fraudulent actions in the TerraForm case, the SEC agreed to a penalty that was less than what it usually seeks.

Comparison with Ripple’s Case 

By contrast, the SEC is requesting an $876 million fine in the Ripple case. With fines in other crypto-related cases usually ranging from 0.6% to 1.8% of gross sales, this amount is around 20 times higher. The legal team of Ripple contends that this disparity exposes an arbitrary and biassed SEC strategy.

Meanwhile, CoinMarketCap data shows that the price of XRP at the time of writing is about $0.4776, having dropped by 2.14% in the previous 24 hours and exhibiting an 8.82% bearish trend over the previous week. The continuous uncertainty and strains resulting from the legal dispute are reflected in this market performance.

Additionally, as ETHNews previously reported, Monica Long, the president of Ripple, has publicly questioned the SEC’s position on the cryptocurrency industry. Speaking at the Money20/20 conference, Long emphasized the need of more favourable conditions for innovation in the cryptocurrency industry and more lucid rules.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
The Race for ETF Approval Begins: It’s Not the Time to be Bearish on XRP & Solana—But Here’s a Twist
The post The Race for ETF Approval Begins: It’s Not the Time to be Bearish on XRP & Solana—B...
READ MORE
post-thumbnail
Grayscale’s $69M Bitcoin Transfer Sparks Market Concerns
The post Grayscale’s $69M Bitcoin Transfer Sparks Market Concerns appeared first on Coinpedia Fint...
READ MORE
post-thumbnail
Dogecoin and Shiba Inu Poised for Major Comeback: Will SHIB and DOGE Prices Hold Momentum?
The post Dogecoin and Shiba Inu Poised for Major Comeback: Will SHIB and DOGE Prices Hold Momentum? ...
READ MORE
post-thumbnail
Trump to Announce Reciprocal Tariffs by Today
The post Trump to Announce Reciprocal Tariffs by Today appeared first on Coinpedia Fintech News Dona...
READ MORE
post-thumbnail
Solana Spot ETF Approval Odds Drop to 35% 
The post Solana Spot ETF Approval Odds Drop to 35%  appeared first on Coinpedia Fintech News Polyma...
READ MORE
post-thumbnail
Just In: CFTC Plans CEO Forum to Discuss Crypto Pilot Program
The post Just In: CFTC Plans CEO Forum to Discuss Crypto Pilot Program appeared first on Coinpedia F...
READ MORE
Read more posts