🚨NEW: I reached out to the @SECGov for comment on the @Ripple ruling and a spokeswoman gave me this statement:
“The Court granted the SEC's motion for remedies including an injunction barring Ripple from committing additional violations of the securities laws and significant civil monetary penalties totaling more than 12 times the amount Ripple suggested was appropriate. As the Court found, the fact that Ripple has shown a 'willingness to push the boundaries of the [Court's summary judgment] Order evinces a likelihood that it will eventually (if it has not already) cross the line.' The Court also addressed 'the egregiousness of Ripple's conduct' and noted that 'there is no question that the recurrent, highly lucrative violation of Section 5 is a serious offense.' As court after court has stated, the securities laws apply when firms offer and sell investment contracts, regardless of the technology or labels that they use."
The response from both sides shows that each feels they got the better deal — Ripple is celebrating because the fine was a billion and three quarters less than what the SEC originally suggested. The SEC is celebrating because Ripple now has to pay twelve times the amount it originally suggested and the judge agreed that the firm had violated securities laws.
Based on all of this, I feel an appeal of the remedies ruling from either side is unlikely. I think it’s more likely that the SEC would appeal the July 2023 ruling now that final judgment has been reached.
But I say that while wearing my “I’m not a lawyer” t-shirt. 😁
See what happened here with a rumor? #Bitcoin dropped by $1K within minutes. Now imagine once the Federal Reserve’s FedNow system is operating 24/7 and word gets out about a bank having issues or potential insolvency.
I told you all not to have USDC or any stable coin holdings just sitting in hot storage 💀people laughed at me and never consider worst case scenario’s….Who’s Laughing now …Have you forgotten the financial crisis that will trigger the great reset hasn’t happened yet? #Crypto