11–20 of 47 posts
Earlier quoted context omitted.
And the judge has sole discretion with how much jail time you get for contempt (within reason).
And that can be more than a decade, if you keep doing the thing. https://en.wikipedia.org/wiki/H._Beatty_Chadwick
Anyway - for each industry from which the violations occur, those resources go into these buckets where no politicians allowed - and voting will havent for a GovFundMe Campaign - and it gets funded and every single action on that thing is trackable actively by everyone who voted for the thing and a tracking status board for the implementation of them. And who needed to be shamed in order for that GovFundMe campaign to be completed.
I think we should have a national penalties fund that every single corporate penalty goes into and it specifically can only be spent on various categories of things that are for the public good, but it by popular vote in each category - (Like how we vote for new features in a game, like Manor Lord, ironically enough in such an Oligarchy as it were)... Anyway - for each industry from which the violations occur, those…
We don't want a repeat of lotteries funding schools, where that money becomes expected and then the government doesn't give as much direct funding.
> A federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations on Wednesday. What does an injunction against future violations mean? Why would that be weightier than the criminal legal code? Shouldn't such an injunction be assumed by pretty much everybody doing anything?
"Alright, stop what you're doin' 'cause I'm about to ruin."
Seems to me that this is a fast changing space of product offerings vs adaptation of regulations. Some transactions violated, some did not. Some planned future Ripple developments could cross the line. Seems that Ripple just needs to continue working the system, so the regulations catch up and give the entire space some guidance on what they can and can't do.
Overall a positive development. The penalty was reduced from something like 2Bs and XRP jumped 20% on the news.
Earlier quoted context omitted.
And that can be more than a decade, if you keep doing the thing. https://en.wikipedia.org/wiki/H._Beatty_Chadwick
14 years in jail, the guy actually really probably had lost this money in bad investment :| such a sad story.
Losing your entire fortune isn't impossible by any means, even coincidentally right when your wife announces she wants a divorce, but you'd think he'd have a more forthright explanation for why there is no record (person, investment contact, business record on the other side, etc) to point to anywhere for his 2.5 million dollar exchange. The only reasons I can think to not are ones that also explain why he'd rather take contempt of court charge than say what happened (illegal investments, purposefully losing the money, hiding the money, trying to do one of these things and being conned). For that reason I definitely feel the guy shouldn't have been jailed but I don't really feel bad for the guy as in he got screwed by bad luck or something.
> A federal judge imposed a $125 million fine on Ripple after finding last year that its institutional sales of XRP violated federal securities laws.
OK so it violated the SEC rules for the institutional sales.
> The judge reiterated her view that Ripple's programmatic sales of XRP to retail clients through exchanges did not violate federal securities laws.
But it did not violate the SEC rules for the sales to retail.
I was confused at first. As someone else wrote in the thread: it's poorly worded.
SEC has been trying to label pretty much every crypto a security, and XRP is probably the closest thing to one, so if they couldn’t get this…
In case anyone else is confused by the wording: > A federal judge imposed a $125 million fine on Ripple after finding last year that its institutional sales of XRP violated federal securities laws. OK so it violated the SEC rules for the institutional sales. > The judge reiterated her view that Ripple's programmatic sales of XRP to retail clients through exchanges did not violate federal securities laws. But it did n…
> The $125.035 million fine is well below the $1 billion in disgorgement and prejudgment interest and $900 million in civil penalties the SEC sought.
All the sales made to retail were not protected, simply because they went through an exchange.
I'm so tired of waiting for regulatory authorities and legislators to wake up and do their job.