The SEC case, which has been on the agenda of cryptocurrency investors for years, has negatively affected the XRP price. One of the most important reasons for not showing the expected performance is the ongoing legal struggle. There was a new development a few minutes ago.
The price of Bitcoin surpassed $70,000 again today, as expected, and the SEC made its latest move in the ongoing Ripple case. Accordingly, the securities regulator fined Ripple Labs $2 billion and Ripple CEO Brad Garlinghouse said;
"Gensler's SEC has repeatedly acted outside the law - it has not gone unnoticed that judges have admonished the agency for "gross abuse of the authority entrusted to it by Congress" (DEBT Box case) and for acting "without faithful adherence to the law" (Ripple case). And let's not forget Gensler's indifference to SBFraud."
"As you will see when the SEC's brief is made public tomorrow, they are asking the Judge for $2 billion in fines and penalties. Our response will be filed next month, but as we have all seen time and time again, this regulatory agency acts on statements that are mischaracterized and designed to mislead. Instead of faithfully enforcing the law, the SEC wants to punish and intimidate Ripple and the industry at large. We trust that the court will approach the settlement in a fair manner."
