Circuit

Fine

Ripple Labs has filed its opposition 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. In the filing on Monday, Ripple stated, “The Court should deny the SEC’s requests for an injunction, for disgorgement, and pre-judgment interest, and should impose a civil penalty of no more than $10 million.”
The SEC proposed that Ripple Labs pay $876 million in disgorgement, $198 million in interest before judgment, and a $876 million civil penalty for a total of $1.95 billion. The court had previously found<a href="https://www.cryptotimes.io/2024/04/14/ripples-massive-100m-xrp-move-fuels-market-speculation/" data-wpel-link="internal" rel="noopener noreferrer nofollow"> Ripple violated</a> federal securities laws by making institutional sales of XRP. Still,It rejected claims that selling XRP on exchanges and through algorithms was illegal.
Ripple’s lawyers argued that the SEC’s remedial requests are “more evidence of the administrative overreach that has beset this case.” They stated, “The agency acts as though it had prevailed entirely and had proved reckless conduct. It has done neither.
The agency is seeking disgorgement, but existing Supreme Court and Circuit court decisions prohibit this action. It also seeks a separate penalty that exceeds by more than 20 times what it has obtained from any other defendant or respondent in a digital-asset case.
Ripple claims it made no profits to return, pointing to its earnings from institutional sales, taxes paid, and losses suffered. The cryptocurrency industry is closely following the lawsuit between Ripple and the SEC, as it may impact future regulations for digital assets.
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Ripple Fights Back Against SEC’s Proposed $2b Fine

The Crypto Times

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