Ripple Asks Court to Reject SEC's $2 Billion Penalty Request in XRP Case
Ripple Labs has filed its opposition to the request by the U.S. Securities and Exchange Commission (SEC) for the company to pay $2 billion in fines in the XRP case. âThe SECâs draconian remedial requests are ungrounded in law or principle. This court should reject them in their entirety,â Ripple stated.
Ripple Files Opposition to âSECâs Draconian Remedial Requestsâ
On Monday, Ripple Labs filed its response to the request by the U.S. Securities and Exchange Commission (SEC) request for a $2 billion penalty. The securities regulator asked the court in March to issue a final judgment against Ripple totaling nearly $2 billion in the ongoing XRP case.
Stuart Alderoty, Rippleâs chief legal officer, shared on social media platform X: âOur opposition to the SECâs request for $2B in penalties for legacy institutional sales is now public.â He added:
In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SECâs ask is just more evidence of its ongoing intimidation against all of crypto in the U.S.
âWe remain confident that the Judge will approach this final remedies phase fairly,â Alderoty opined.
In its filing, Ripple presented numerous counterarguments against the SEC. âThis Courtâs ruling has provided welcome clarity and guidance about the ways in which Ripple can lawfully distribute XRP,â the crypto firm stressed, adding that it âhas every intent of adhering to that guidance in the future and every incentive to do so.â The Ripple legal team continued:
The SECâs draconian remedial requests are ungrounded in law or principle. This court should reject them in their entirety.
On Monday, Bloomberg also reported that two SEC lawyers have resigned after a federal judge sanctioned the agency for abusing its power against crypto firm Debt Box.
Ripple CEO Brad Garlinghouse commented on X Monday: âFeels apropos that we file our response on the same day that 2 SEC lawyers âresignâ for their (mis)conduct in the Debt Box case⊠The U.S. will be picking up the pieces of the agencyâs disastrous policies long after [SEC Chair Gary] Gensler is gone.â
Do you think the court will order Ripple to pay $2 billion in fines as requested by the SEC? Let us know in the comments section below. #Write2Earn