SEC wants to fine Ripple $2 billion! Ripple may sell 3.1 billion XRP to raise funds!
The U.S. Securities and Exchange Commission (SEC) sued Ripple in December 2020, accusing Ripple of selling unregistered “securities” (XRP) since 2013. Raised capital of up to US$1.3 billion. This move was considered illegal, and Ripple faced heavy fines.
The case was initially won by Ripple in July last year, and the final trial is currently expected to begin on April 23 today. The results may have a significant impact on the cryptocurrency industry. According to the latest progress, the SEC asked the judge to impose a $200 million fine and penalty on Ripple...
Ripple fears selling XRP to raise money
According to the SEC’s requirements, if Ripple is found guilty in court and does not appeal, it will need to raise a huge fine within 30 days of the final judgment. This will cause significant financial pressure on Ripple.
In the case of raising funds, 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 approximately 3.1 billion XRP tokens to raise the required $1.95 billion.
Ripple has a greater chance of winning
According to the latest news, Ripple General Counsel Stuart Alderoty stated on March 26 that the SEC has once again used false, distorted and misleading statements. In this incident, they once again showed their consistent style. Similarly, Ripple CEO Brad Garlinghouse also responded that under the leadership of Gary Gensler, the SEC has repeatedly taken actions beyond the scope of the law, which has not yet been ignored by the judge. The agency was warned for "serious abuse of its power (DEBT Box case)" and "disloyalty to the law (Ripple case)" by the SEC.
In recent legal attacks and defenses, Ripple has won three victories, and the court did not accept the SEC’s argument. However, the final outcome depends on the final decision of the court and whether you choose 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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