- The U.S. Securities and Exchange Commission (SEC) has revealed its remedies-related brief, seeking a $2 billion penalty against Ripple Labs in the ongoing legal dispute.
- Ripple's Chief Legal Officer, Stuart Alderoty, disclosed the SEC's demand for the $2 billion penalty through a post on social media.
- The SEC alleges violations of federal securities laws by Ripple Labs over the sales of the cryptocurrency XRP.
- Alderoty expressed disbelief at the SEC's move, highlighting the regulator's history of false and misleading statements.
- If imposed, the proposed $2 billion penalty would have significant implications for the crypto regulatory landscape.
- The legal dispute between Ripple Labs and the SEC began in December 2020 and continues to unfold, with Ripple's response to the SEC's brief expected next month.
- The case is far from its conclusion, with further proceedings expected in the coming months.
