🏦 The US Securities and Exchange Commission (SEC) has asked a New York court to order Ripple to pay a $2bn fine for violating securities laws. This was announced on platform X by Ripple Labs general counsel Stuart Alderoti.

📄Ripple is preparing to file a formal response next month as the regulator figures false and misleading statements to mislead the court, the lawyer claimed. He added: Instead of enforcing the law in good faith, the SEC still seeks to punish and intimidate not only Ripple, but the entire cryptocurrency industry. Alderoti hopes the court will give a fair judgement.

👨🏼 Ripple CEO Brad Garlinghouse also criticised the SEC's approach, calling the requested amount of fines excessive. He noted recent court rulings in lawsuits by other cryptocurrency companies, where judges did not support the SEC.