Ripple Files Opposition to SEC’s $2 Billion Penalty Request

cryptonews.com:

Ripple has filed an opposition to the Securities and Exchange Commission (SEC)’s demand for $2 billion in penalties.

In a detailed motion made public by Ripple’s defense lawyer, James Filan, the company disputes the SEC’s proposed penalties as overly punitive. Ripple argued that the suggested fines are disproportionate and suggested $10 million instead.

The filing emphasized that the requested $2 billion in penalties by the Commission is not aligned with the actual circumstances of the case.

According to the document, there were no allegations or findings of reckless behavior or fraudulent activity that would typically justify such severe financial penalties.

The company clarified that while it did engage in sales of XRP, these were conducted transparently and with knowledgeable institutional investors who were fully aware of the transaction details.

Ripple highlighted the significant victories it secured on key legal issues throughout the litigation, suggesting that the SEC’s demands are inconsistent with the court’s findings. The filing indicated that these victories could undermine the SEC’s position.

Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. 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… https://t.co/GLcdsyInZW

— Stuart Alderoty (@s_alderoty) April 23, 2024

“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,” stated Ripple Chief Legal Officer Stuart Alderoty.

In the filing,