Ripple bravely faces huge fines from SEC, dramatic reversal in XRP lawsuit

Ripple, headquartered in San Francisco, has once again made waves in its XRP lawsuit with the U.S. Securities and Exchange Commission. Recently, in a document submitted to the court, Ripple firmly opposed the nearly $2 billion fine requested by the U.S. Securities and Exchange Commission, showing a fearless attitude of challenge.

The focus of this lawsuit is the huge difference in the amount of the fine. The U.S. Securities and Exchange Commission wants Ripple to pay a huge fine of more than $2 billion, including illegal gains, civil penalties, and pre-judgment interest. However, Ripple firmly refuted that the fine should not exceed $10 million. This huge gap undoubtedly adds more drama to this lawsuit.

In response, Ripple emphasized that the SEC must prove that the company will violate federal securities laws in the future before it can impose such a huge fine on it. In addition, Ripple also pointed out that its institutional sales did not show "reckless disregard" for the law, and emphasized good interaction with other U.S. regulators.

"We oppose the SEC's now-public request for a $2 billion fine for legacy institutional sales," said Ripple's legal chief Stuart Aldrotti in a statement. He further noted that the SEC's request is only further evidence of its continued bullying of all cryptocurrencies in the United States.

Ripple was also dissatisfied with the SEC's refund request. They believe that the regulator has not proved that the company's institutional sales caused any "monetary losses" to investors, so the request is unreasonable. As for civil penalties, Ripple claims that it should be close to $10 million, which is undoubtedly more moderate than the other party's request.

This lawsuit has been going on for several years, and the battle between Ripple and the SEC has always attracted much attention. Now, with Ripple's response and rebuttal, the lawsuit has once again entered a climax.

It is worth mentioning that Ripple also revealed changes in the company's sales of XRP in its response. They said that they have publicly acknowledged past problems and taken steps to change sales methods and contracts to avoid similar problems again.This statement undoubtedly shows Ripple's positive attitude and determination.

With the resignation of lawyers within the SEC, the outcome of this lawsuit has become more confusing. Investors are speculating on what might happen next, and are full of expectations and uncertainty about the future of XRP. The outcome of this lawsuit is still pending, and we look forward to the final judgment bringing a fair ending to this long battle.

Are you also looking forward to the outcome of this lawsuit?

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