SEC: 'Court Ordered Penalties 12 Times Than Requested by Ripple... Positive Evaluation'
CryptoNewsTerminal Staff08 Aug, 2024
SEC: 'Court Ordered Penalties 12 Times Than Requested by Ripple... Positive Evaluation'
The Securities and Exchange Commission (SEC) responded to a query from Fox Business reporter Eleanor Terrett on Twitter about the U.S. court's Ripple ruling. The SEC said that "the court imposed an injunction prohibiting Ripple from further violating the Securities Act, and ordered the payment of civil penalties in an amount more than 12 times greater than the amount Ripple proposed and also granted the SEC's motion for remedies." The SEC added that "both the SEC and Ripple believe they are better off under the court's order than they would have been under the proposed settlement." With the judgment now final, the SEC is more likely to appeal the July 2023 judgment itself, rather than the remedies order.
