⚖️ Ripple has made a bold legal maneuver, countering the SEC's demand for nearly $2 billion in penalties with a proposed fine of just $10 million.
🔍 This comes after a court found Ripple guilty of selling its cryptocurrency, XRP, to institutional investors without proper registration.
📜 Ripple filed a detailed 186-page document, pushing back against the SEC's harsh penalties, acknowledging the court's ruling and adapting its business practices accordingly.
🛡️ Ripple argues against the necessity of further punitive actions, such as an injunction, citing its acceptance of the previous court decision and proactive adjustments to comply with legal standards.
💼 The company disputes the SEC's call for disgorgement, stressing that there's no evidence of financial harm to investors from Ripple’s actions.
💰 Regarding civil penalties, Ripple advocates for a much lower amount than the SEC proposes, citing precedents and the nature of the infringement.
⚖️ The XRP lawyer community supports Ripple’s defense, viewing its arguments as strong against the SEC’s demands, while critics like Jeremy Hogan anticipate a swift decision from Judge Torres.
💡 This legal standoff is pivotal, potentially shaping the regulation and legal treatment of cryptocurrencies in the U.S.
