In its application to the court, Ripple objects to the harsh fine proposed by the SEC
The company's request stressed that the SEC's proposed $2 billion fine was inconsistent with the actual circumstances of the case, as there were no allegations or evidence of a reckless or fraudulent approach that could justify such a massive fine, according to the request.
The company also clarified that although it was involved in the sale of XRP currency, this was done transparently, and these quantities were sold to knowledgeable investment parties who are fully aware of the details of the transactions. The company also explained that it achieved important victories on key legal issues over the course of the litigation, indicating that the SEC’s demands are inconsistent with what the court concluded, and indicating in its request that these victories could weaken the Commission’s position, as the head of legal affairs at Ripple stated to the company Stuart Aldroty says:
“In a case in which there were no allegations (or evidence) of a reckless or fraudulent approach and in which Ripple won significant victories, the SEC’s request may be considered further evidence of the ongoing intimidation against the entire crypto industry within the United States.” .
