Mar 26, 2024

"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as court filings show that the SEC has asked a New York judge to impose nearly $2 billion in fines against Ripple Labs.

Video transcript

The SEC wants ripple to pay a nearly $2 billion fine and a meme coin frenzy takes place on base. You're watching Coindesk Daily, I'm your host, Jen Sani. The SEC has asked a New York judge to impose a fine of $1.95 billion on ripple labs. On Monday, Stuart Al Doro Ripple Labs. Chief legal officer posted on social media that the SEC was asking for such a fine and that redacted versions of the court documents would be made public. Today, the SEC pro proposal asks the court to order ripple labs to pay $876 million in disgorgement. $198 million in prejudgment interest and $876 million in a civil penalty that amounts to a total of 1.95 billion. The case began in December 2020 when the SEC filed a suit against ripple labs and its executives alleging that they violated federal securities laws by selling XRP to institutional and retail customers. Last July, a New York judge ruled that the sale of XRP on exchanges and through algorithms did not violate us law only ripples institutional sales of XRP did crypto traders are capitalizing on the base Blockchain which has seen a surge in activity and funds locked due to a meme coin frenzy base which was built by crypto exchange Coinbase, went live in August and initially saw muted growth. However, that changed recently with funds lock on the network rising to nearly a billion dollars on Tuesday from 450 million at the start of the month. According to data prices of tokens like Toshi. Thank you, Base God, Normie and Brett have risen as much as 1300% over the past week. And the London Stock Exchange said it will start a marketplace for Bitcoin and Ether Exchange traded notes on May 28th. The Stock Exchange will accept applications for trading the crypto etns from April 8th while the market will be subject to approval of UK regulator. The financial conduct authority regulators have been moving to make the country more crypto friendly following several announcements from the UK government to make the country a crypto hub. That's a wrap for coin desk daily. Get more updates on and we'll see you next time.

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