Ripple v. SEC Litigation Update June 27

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ripple v. SEC Litigation Update June 27


The ongoing lawsuit between Ripple Labs and the United States Securities and Exchange Commission is in the trial stage. Although this is technically the point where the case needs to be resolved, there is no information on when it will actually end.

With that said, here’s what’s been going on lately as of June 27:

Current Situation in Ripple v. SEC Case


One of the most significant developments in the past few weeks was that the Commission reduced its fine request from $2 billion to $102.6 million.

The SEC stated at the time:

“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.”

Ripple’s legal team requested a lower penalty of no more than $10 million.

Meanwhile, David Hirsh, Chief of the SEC’s Crypto Assets and Cyber Unit, resigned.

Ripple is also facing legal challenges on another front: in California, where its CEO Brad Garlinghouse is a defendant in a civil lawsuit. However, there have been positive developments recently and the company’s chief lawyer noted:

The CA judge rejected all claims that Ripple violated federal securities law. New York’s ruling that XRP is not a security remains intact.

He beats up Gary Gensler


Both Stuart Alderoty (Ripple’s legal chief) and Brad Garlinghouse have recently taken decidedly negative stances against SEC chairman Gary Gensler.

Latter aforementioned I was talking about crypto the other day:

This is an area where prominent figures from a few years ago were either in prison, about to go to prison, or awaiting extradition.

Garlinghouse for this replied:

Total bullshit coming from Gary Gensler today.

And this subtle statement about “all cryptocurrency managers going to jail” from a guy who completely hijacked FTX (and actually moved closer to SBF) and wasn’t even invited to the DOJ’s announcement on Binance.

If he really was “working for the American people” as he says, he would have been fired long ago.

Gensler wants to cause Biden to lose the election.

Meanwhile, Alderoty also had something to say about Gensler’s latest comments.

Take notes @GaryGensler: Courts do not “adjust”…they find that you violated the law by exceeding your legal authority.

— Stuart Alderoty (@s_alderoty) June 26, 2024

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