Notable Ripple v. June 18 SEC Update: Commission Takes a Hit

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Notable ripple v. June 18 SEC Update: Commission Takes a Hit


TL;DR

• SEC Crypto Assets and Cyber Unit Chairman David Hirsh recently resigned, denying rumors of joining a solana-based market.
• His departure comes as the SEC’s lawsuit against Ripple progresses, with the regulator recently reducing the proposed penalty to $102.6 million.

Crypto Expert Resigned


David Hirsh – one Longtime members of the United States Securities and Exchange Commission (SEC) – announced He announced on LinkedIn that he had resigned from the agency. He served as chief The Crypto Asset and Cyber Unit is in the Enforcement Division, spending nine years at the regulator.

Hirsh took the opportunity to thank all his colleagues, mentors and friends for their support over the years and highlighted the work that has been done:

“As I often say, securities enforcement is a team sport. and that It was absolutely true during my tenure. Every success was a part it was the direct result of cooperation and combined efforts towards a common goal. Thanks everyone!”

He announced that his career will soon enter a new page, but first he will devote his time to his family and travel. Some reports suggested Hirsh resigned from the SEC to start working for the pump.entertainmentA Solana-based marketplace that allows users to create and distribute their own tokens. The American denied the rumors, calling them “false”.

Is there good news for Ripple?


Hirsh’s resignation is approaching It’s a crucial time as the case between the SEC and Ripple reaches the hearing stage. The feud between the entities has been ongoing since December 2020, when the watchdog accused the company and some of its executives of conducting an unregistered securities offering by selling the XRP token.

Recently both sides have been clashing over the size of Ripple’s potential fine. Originally SEC wanted While the company was fined 2 billion dollars, the second argument It should not exceed $10 million. A few days ago, the agency softened its tone. to suggest $102.6 million fine:

“Ripple avoids comparing the punishment of the Terraform settlement to the gross profits of violent behavior. This ratio ($420 million/$3.587 billion) is quite high: 11.7%. Applying this to a gross profit of $876.3 million, the SEC Here requests release from the court, what results much bigger “This figure is a $102.6 million penalty, down from the $10 million cap that Ripple has insisted on.”

Some may view the SEC as the underdog in the case, given the company’s three partial court victories through 2023. price of XRP reacted positively to every victory, that is, to a decisive result victory It could trigger significant volatility for Ripple again. For those interested in learning more about the lawsuit and its impact on Ripple’s native token, please check out our video below:


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