Ripple Says $10M Penalty Enough, Rejects SEC’s Ask of $1.95B Fine in Final Judgment

Ripple Labs filed its opposition on Monday against the U.S. Securities and Exchange Commission’s (SEC) proposal to ask a New York judge to impose a nearly $2 billion fine against the company behind the XRP Ledger blockchain. “The Court should deny the SEC’s requests for an injunction, for disgorgement, and for pre-judgment interest, and should impose a civil penalty of no more than $10 million,” the filing said. The SEC’s proposal asked the court to order Ripple Labs to pay $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty, amounting to a total of $1.95 billion. The court had found Ripple violated federal securities laws by making institutional sales of XRP.

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