CryptoNews

Ripple Asks Court to Reject SEC’s $2 Billion Penalty Request in XRP Case – Legal Bitcoin News

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. “The SEC’s draconian remedial requests are ungrounded in law or principle. This court should reject them in their entirety,” Ripple stated.

Ripple Files Opposition to ‘SEC’s Draconian Remedial Requests’

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, Ripple’s chief legal officer, shared on social media platform X: “Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public.” He added:

In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing intimidation against all of crypto in the U.S.

“We remain confident that the Judge will approach this final remedies phase fairly,” Alderoty opined.

In its filing, Ripple presented numerous counterarguments against the SEC. “This Court’s ruling has provided welcome clarity and guidance about the ways in which Ripple can lawfully distribute XRP,” the crypto firm stressed, adding that it “has every intent of adhering to that guidance in the future and every incentive to do so.” The Ripple legal team continued:

The SEC’s 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: “Feels apropos that we file our response on the same day that 2 SEC lawyers ‘resign’ for their (mis)conduct in the Debt Box case… The U.S. will be picking up the pieces of the agency’s disastrous policies long after [SEC Chair Gary] Gensler is gone.”

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.

Source: Bitcoin

Related posts
CryptoNews

Hedge Funds Adopt Net Short Positions on BTC and ETH Futures, Kaiko Analysis Reveals

CryptoNews

Deadline Looms for Biden to Veto Congressional Overturn of SEC's Crypto Rules

CryptoNews

Justin Sun Advocates Supporting a Crypto-Friendly U.S. Presidential Candidate

AI & RoboticsNews

McKesson, Merck back Atropos Health’s $33M round to accelerate drug development with AI

Sign up for our Newsletter and
stay informed!