Ripple's Opponents Continue To Lose, SEC Demands IDR 10.8 Trillion

JAKARTA Blockchain-based payment company and XRP publisher, Ripple is required to pay a fine of Rp. 10.8 trillion to the United States Securities and Exchange Commission (SEC) for violating securities regulations. The SEC is annoyed that it failed to win a lawsuit against this crypto company.

Crypto lawyer John Deaton said through social media that the SEC demanded a fine of $770 million or around Rp. 10.8 trillion from Ripple. This lawsuit comes after the SEC lost several times to Ripple's lawsuit.

Last week, the SEC withdrew charges against Ripple CEO and founder Brad Garlinghouse and Chris Larsen. This month, Justice Analysis Torres also rejected the SEC's appeal regarding XRP. Deaton called the SEC angry and embarrassed' and wanted revenge.

Deaton took the case of LBRY, a blockchain-based file sharing platform. The SEC initially demanded LBRY USD 23 million (IDR 365 billion), but after eight months of litigation, the judge only imposed a fine of $130 thousand (or IDR 2 billion).

Deaton also considered that the SEC's lawsuit against crypto exchange Coinbase would affect Ripple's fine. If Coinbase wins in motion-to-dismis (MTD), then the SEC will be forced to change its stance and seek a solution with Ripple. However, if Coinbase loses, then there will be no settlement.

The Coinbase movement will be heard on January 17, 2024. Deaton expects the decision to come out 60-120 days later. He added: "Until then, I think Ripple will try hard to reduce the fine of IDR 10.8 trillion."