Ripple (XRP) objected to SEC's astronomical request: This is too much!

US blockchain payment provider Ripple Labs objected to the Securities and Exchange Commission (SEC)'s extreme penalty request. The SEC demanded that the company pay a $2 billion penalty for violating the law.

Ripple lawyer James Filan stated in the objection motion made public that they opposed the penalties requested by the SEC because they were excessive. XRP is of the opinion that the figure in question should be reduced to a reasonable price such as 10 million dollars.

In the objection document, it was stated that the 2 billion dollars requested by the Commission had nothing to do with the real conditions of the case. Ripple believes it has not engaged in any illegal activity that would justify such a heavy financial penalty. The company defended itself by saying that XRP sales were transparent, transaction details were fully shared, and were made with institutional investors with sufficient knowledge.

Ripple asked the court to reject this request, underlining the legal victories it achieved in the case. In the ongoing case, last summer, Judge Analisa Torres ruled that XRP would not be classified as an investment contract.

Ripple's Chief Legal Officer Stuart Alderoty said the following in his post on his X account:

“The SEC's request, in a case that Ripple won and found neither recklessness nor fraud, is merely a reflection of the ongoing threats to the crypto industry in the United States.”

Ripple's cryptocurrency XRP recovered to some extent, gaining strength from the main support at 0.416 in mid-April.

XRP, which exceeded the 0.51 intermediate resistance on April 20, changes hands at $ 0.55 on Tuesday morning. The next resistances for Ripple are at 0.572, 0.633 and 0.665 levels, respectively.
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