Ripple vs. SEC Report Out: Ripple Faces Potential $2 Billion Fine as SEC Seeks Punishment. This was originally published on Coinpedia Fintech News.

The US Securities and Exchange Commission's report on safeguards has finally been made public, as predicted by James C. Philan. It turns out that the SEC is pushing for a whopping $2 billion fine against Ripple Labs as damages. Stuart Alderoti, Chief Legal Counsel of Ripple, also responded to this.

$2 billion fine proposal

As you will see when the SEC report comes out tomorrow, they are asking the judge for $2 billion in penalties and interest. The SEC sought $2 billion in fines and penalties in its case against Ripple Labs for selling the XRP cryptocurrency. Although James C. Philan stated that the documents will be available to the public on March 26, the crypto community learned about it through Ripple's Chief Legal Officer, Stuart Alderoti.

Alderoti expressed Ripple's distrust of the SEC's actions. Alderoti said: “As you will see when the SEC report comes out tomorrow, they are asking the judge for $2 billion in fines and penalties. Our response will be submitted next month, but as we have all seen many times, this is a regulator that trades on claims that are false, mischaracterized and designed to mislead." If imposed, the proposed $2 billion fine would have a significant impact on the cryptocurrency regulatory landscape.

The litigation between Ripple Labs and the SEC has been ongoing since December 2020, when the SEC filed a federal securities law complaint against Ripple and its executives.

However, the case is far from over, so we'll have to wait another month for Ripple's response to the SEC filing on the safeguards, and then the safeguards stage hearing may begin.