According to a news report by CryptoSlate, the US Securities and Exchange Commission (SEC) referred to Ripple’s proposed stablecoin as an “unregistered cryptocurrency” in its revised relief measure response brief on May 7th. At the same time, the SEC is insisting on seeking a hefty fine of nearly $2 billion against Ripple to prevent the company and other imitators.
SEC Imposes $2 Billion Fine on Ripple, Labeling Proposed Stablecoin as “Unregistered Cryptocurrency Asset”
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SEC Imposes $2 Billion Fine on Ripple, Labeling Proposed Stablecoin as "Unregistered Cryptocurrency Asset"