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Homeweb3.0Ripple may sell 3.1 billion XRP to raise funds! SEC wants to fine Ripple $2 billion
Ripple may sell 3.1 billion XRP to raise funds! SEC wants to fine Ripple $2 billionApr 01, 2024 am 08:01 AM
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Ripple may sell 3.1 billion XRP to raise funds! SEC wants to fine Ripple $2 billion

Starting in December 2020, the U.S. Securities and Exchange Commission (SEC) began to prosecute the practice of raising funds through unregistered “securities” (XRP). Ripple has been raising funds through unregistered “securities” since 2013, amounting to US$1.3 billion. The SEC will conduct further investigation into this matter.

This case was initially won by Switzerland in July last year. The final trial is currently expected to begin today, April 23. The result may have a significant impact on the cryptocurrency industry. According to the latest progress, the SEC Ask the judge to impose a $2 billion fine and penalty on Ripple.

Ripple fears selling XRP to raise funds

According to the SEC’s requirements, if Ripple is found guilty in court and does not appeal, it will need to raise this huge fine within 30 days. This will put significant financial pressure on Ripple.

In a fundraising scenario, Ripple selling its holdings of XRP tokens is a possible potential option, especially the tokens it holds in custody. As of March 24, Ripple showed via its API data that the company held more than 40 billion XRP in custodial wallets. Referring to the current market price of $0.623 per XRP coin, Ripple may sell up to approximately 3.1 billion XRP tokens to raise the approximately $1.95 billion required.

Ripple has a greater chance of winning

According to reports, Ripple Chief Legal Officer Stuart Alderoty said on March 26 that the SEC had once again used false, distorted and misleading statements. In this incident, they once again showed their consistent approach. Ripple CEO Brad Garlinghouse also responded that under the leadership of Gary Gensler, the SEC has repeatedly taken actions that exceed the scope of the law. This did not go unnoticed by the judges, who warned the SEC for serious violations of the powers given to it by Congress (DEBT Box case) and “disloyalty to the law (Ripple case).”

In dealing with actual situations involving legal offense and defense, Ripple was the first to win three times, and the court did not recognize the SEC’s accusations. The final outcome all depends on the court’s final ruling to determine whether Ripple chooses to appeal.

  • On July 13, 2023, Judge Analisa Torres ruled in summary judgment that XRP does not qualify as a security in retail transactions.

  • On October 4, 2023, Judge Torres dismissed the SEC’s interlocutory appeal filed on August 10.

  • On October 20, 2023, the SEC dropped all charges against its CEO Brad Garlinghouse and co-founder Chris Larsen

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