Ripple Opposes SEC’s $2B Fine Request, Argues for $10M Penalty
Ripple has filed its opposition to the Securities and Exchange Commission’s (SEC) Motion for Remedies and Entry of Final Judgment in the ongoing legal battle over the sale of XRP tokens.
The move comes after the SEC proposed that Ripple should pay nearly $2 billion in fines for selling XRP to institutional investors. However, Ripple argues that it should be closer to $10 million.
Key points:
- Ripple’s opposition motion challenges the SEC’s request for $2 billion in penalties for legacy institutional sales of XRP.
- The company contends that there were no allegations or findings of recklessness or fraud in the case.
- Ripple’s Chief Legal Officer, Stuart Alderoty, claims the SEC’s request is evidence of ongoing intimidation against the entire crypto industry in the U.S.
- CEO Brad Garlinghouse draws parallels between Ripple’s response and the resignation of two SEC lawyers in the Debt Box case.
- XRP’s price has jumped 6% amid the legal developments, reaching as high as $0.5687.
In a public statement, Ripple’s Chief Legal Officer, Stuart Alderoty, expressed the company’s confidence in the judge’s ability to approach the final remedies phase fairly.
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Alderoty criticized the SEC’s request for $2 billion in penalties. Also, he stated that it is “just more evidence of its ongoing intimidation against all of crypto in the United States.” He emphasized that the case against Ripple had no allegations or findings of recklessness or fraud and that the company had won on significant issues.
Ripple CEO talks about two SEC lawyers’ resignation
Ripple CEO Brad Garlinghouse took to X to draw parallels between the company’s response to the SEC and the recent resignation of two SEC lawyers involved in the Debt Box case.
Read more: Two SEC Lawyers Exit After Judge Sanctions Agency In DEBT Box Case
Garlinghouse suggested that the U.S. will be dealing with the consequences of the SEC’s “disastrous policies” long after the current Chair, Gary Gensler, has left his position.
According to data from Santiment, a cryptocurrency analytics platform, XRP has jumped 6% and reached as high as $0.5687 following the news. The platform also noted that the number of wallets holding at least 1 million XRP has been surging over the past six weeks, rising by 3.1% and coming within one wallet of the all-time high.
