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☆ Ripple Labs accuses the SEC of trying to 'punish and intimidate' by seeking $2 billion in penalties from XRP developer
▼ + stars: | 2024-03-26 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

The SEC is seeking fines and penalties worth $2 billion from Ripple Labs, its legal chief said. Stuart Alderoty said the SEC wanted to "punish and intimidate Ripple" and the wider crypto sector. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US's top financial watchdog is seeking penalties worth billions of dollars from Ripple Labs, the company behind the XRP cryptocurrency, its chief legal officer said. Stuart Alderoty wrote on X that the Securities and Exchange Commission asked US District Judge Analisa Torres to fine Ripple $2 billion.

Persons: Stuart Alderoty, XRP, —, Analisa Torres Organizations: SEC, Ripple Labs, Service, Securities and Exchange Commission, Business

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailXRP rises after SEC drops claims against Ripple Labs executives: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Stu Alderoty, chief legal officer at Ripple, discusses the SEC's decision to drop its lawsuit against two Ripple Labs executives, Brad Garlinghouse and Chris Larsen.

Persons: explainers, Stu Alderoty, Brad Garlinghouse, Chris Larsen Organizations: SEC, Ripple Labs, CNBC Crypto, CNBC

☆ Crypto regulation in the U.S.: We have lost our way, Ripple's chief legal officer says
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto regulation in the U.S.: We have lost our way, Ripple's chief legal officer saysStuart Alderoty, Ripple's chief legal officer, says "we've lost our way because we have politics and power being elevated over sound policy."

Persons: Stuart Alderoty, we've Locations: U.S

☆ Ripple buys crypto infrastructure startup in its second acquisition of 2023
▼ + stars: | 2023-09-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Founded in 2021 by Scott Purcell, an entrepreneur with a background in equity and debt crowdfunding, Fortress Trust aims to help large enterprises interact with digital currencies. The company uses a blockchain-based messaging system, akin to SWIFT, to approve speedy transactions between a network of banks and other financial institutions. A Ripple spokesperson declined to comment on the size of the deal but said that it is less than the sum Ripple paid to buy Metaco. Ripple also obtained a Nevada trust with its acquisition of Fortress Trust, adding to its growing list of regulatory permits globally. The company told CNBC previously it was also looking to get an e-money license with the Irish central bank.

Persons: Brad Garlinghouse, Ripple, Scott Purcell, Purcell, BitGo, SWIFT, Britain's, Singapore's, XRP, Stu Alderoty Organizations: Trust, Prime Trust, SBI, U.S . Securities, Exchange Commission, MoneyGram, CNBC, Monetary Authority of, Fortress Trust Locations: Austin , Texas, Nevada, U.S, Swiss, Fortress Trust's, York, New York, Monetary Authority of Singapore, Irish

☆ Ripple says U.S. banks will want to use XRP cryptocurrency after partial victory in SEC fight
▼ + stars: | 2023-07-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

In this photo illustration, a visual representation of the digital Cryptocurrency Ripple is displayed on January 30, 2018 in Paris, France. Ripple disputed the claims, insisting XRP cannot be considered a security and is more akin to a commodity. Meanwhile, Tetragon, a U.K.-based investor that previously backed Ripple, sold its stake back to Ripple after unsuccessfully trying to sue the company to redeem its cash. Asked whether the ruling meant that American banks would return to Ripple to use its ODL product, Alderoty said: "I think the answer to that is yes." Ripple also uses blockchain in its business to send messages between banks, kind of like a blockchain-based alternative to Swift.

Persons: Stu Alderoty, Ripple's, MoneyGram, Alderoty Organizations: CNBC, U.S . Securities, Exchange Commission, SEC Locations: Paris, France, San Francisco, New York, U.S, U.K, United States

The crypto industry is in a tug-of-war with the SEC and its Democratic chair Gary Gensler, who has described the crypto market as a "Wild West" riddled with fraud. Saying most crypto tokens are securities, the SEC has cracked down on crypto trading platforms, including the top U.S. exchange Coinbase, in an effort to bring the industry under its oversight. Crypto firms have long disputed the SEC's jurisdiction but until Thursday no court had supported that view. The two sources, for example, said firms are considering ways to use the Judge's ruling for their defense. However, she also ruled Ripple's direct sales of XRP to investors should have been registered as securities, handing the SEC a partial victory.

Persons: Coinbase, Gary Gensler, Robert Frenchman, Mukasey Frenchman, Analisa Torres, XRP, Crypto, Teresa Goody Guillén, Spokespeople, Binance, Carol Goforth, Stuart Alderoty, Philip Moustakis, Jody Godoy, Chris Prentice, Hannah Lang, Tom Hals, Michelle Price, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, SEC, Ripple Labs, Democratic, Mukasey Frenchman LLP, San Francisco, U.S, District, Baker, Hostetler, University of Arkansas, Reuters, Circuit, Seward, Washington , D.C, Thomson Locations: Mukasey, New York, Washington, New York , Connecticut, Vermont, Washington ,

☆ Crypto scores a key legal victory in long-running regulatory feud
▼ + stars: | 2023-07-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The news sent the price of XRP, a token designed for cross-border payments, up some 70% to about 92 cents. Torres’ ruling did fall partly in the SEC’s favor, as she found that some of Ripple’s sales — to hedge funds and other sophisticated buyers — did violate securities laws. Gensler has said that most crypto tokens — with bitcoin as a notable exception — are securities that fall under the SEC’s jurisdiction. ‘Some much needed sunlight’Despite the nuance of Torres’ ruling, crypto investors are cheering it as a long overdue win. “This ruling, although nuanced, provides some much needed sunlight and cheer into the altcoin space, those non-Bitcoin tokens.”

Persons: Analisa Torres, XRP, Gary Gensler, Torres ’, Stuart Alderoty, ”, “ XRP, “ We’ll, Gensler, Teresa Goody Guillén, Coinbase, Torres, Sam Bankman, Alex Mashinsky, Mashinsky, Antoni Trenchev Organizations: New, New York CNN, Securities and Exchange Commission, Southern, of, SEC Locations: New York, of New York, United States

WASHINGTON, June 8 (Reuters) - Other U.S. crypto exchanges are likely to be in the firing line after the Securities and Exchange Commission (SEC) this week sued Coinbase and Binance, two of the world's largest crypto exchanges, for allegedly breaching its rules. Both Coinbase and Binance deny the SEC's allegations and have pledged to vigorously defend themselves in court. The Coinbase and Binance suits this week expand that list to include some commonly traded tokens, such as Solana, Cardano and Polygon. While big crypto companies can afford to fight the SEC, smaller companies have filed for bankruptcy following SEC enforcement actions, including crypto exchange Beaxy. "I think if there's a real value in these crypto tokens, then compliance will build trust and the business model might change," he said.

Persons: Coinbase, Binance, Jason Allegrante, Gary Gensler, “, Scott Freeman, Crypto, Kraken, OKCoin, Ripple's, Stuart Alderoty, Piper Sandler, Gensler, Bernstein, Katharine Wooller, Hannah Lang, John McCrank, Susan Heavey, Michelle Price, Stephen Coates Organizations: Securities and Exchange Commission, SEC, Cornerstone Research, Department of Justice, JST, Justice Department, Piper Sandler Global, Fintech Conference, CNBC, U.S, Executives, Thomson Locations: Solana, Cardano, U.S, United States, New York, Washington

☆ Crypto startup Ripple is seeking a license in Ireland to drive EU expansion
▼ + stars: | 2022-11-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Jack Taylor | Getty Images News | Getty ImagesU.S.-based crypto company Ripple no longer derives most of its income from America and is looking to expand its reach in Europe, its top lawyer said. Its commitment to invest in Europe comes despite a deep downturn in crypto markets that's been referred to as "crypto winter." watch nowThe Irish central bank previously handed a VASP license to crypto exchange Gemini. Last week, the shock collapse of Sam Bankman-Fried's crypto exchange FTX sent cryptocurrencies into a tailspin. As a private company, Ripple doesn't disclose its revenues publicly.

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