Ripple CLO Speaks out Against $2 Billion Penalty in XRP Case

In the latest twist of the ongoing legal battle between Ripple and the SEC, the crypto company’s Chief Legal Officer Stuart Alderoty has publicly addressed the company’s opposition to the SEC’s request for $2 billion in penalties. Alderoty emphasized that Ripple’s stance remains firm in challenging the SEC’s motion for remedies.

Alderoty highlighted the absence of allegations or findings of recklessness or fraud against Ripple, stressing that the company had prevailed on significant issues during the legal proceedings. He condemned the SEC’s request for exorbitant penalties as further evidence of the regulatory agency’s intimidation tactics against the entire cryptocurrency industry in the United States.

Despite the SEC’s push for substantial penalties, Alderoty expressed confidence in the fairness of the judicial process. He affirmed Ripple’s trust in the judge to approach the final phase of determining remedies with impartiality.

Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing… https://t.co/GLcdsyInZW

— Stuart Alderoty (@s_alderoty) April 23, 2024

The Ripple CLO’s statement comes amid a contentious legal environment, with the crypto company and the SEC locked in a protracted legal battle over the classification of the XRP cryptocurrency and alleged violations of securities laws.

With the fate of XRP and the broader cryptocurrency market hanging in the balance, the stage is set for a showdown of epic proportions. As Ripple continues to assert its position and the SEC doubles down on its enforcement efforts, the final resolution of this legal saga remains shrouded in uncertainty.

Source