The giant Ripple presented its opposition to the US Securities and Exchange Commission (SEC)'s request for the company to pay a billion-dollar fine of around US$2 billion. The company filed a court document on April 22.
Last month, the United States Securities and Exchange Commission (SEC) has set its sights on a whopping $2 billion fine against Ripple Labs, the driving force behind the cryptocurrency XRP. This bold move, announced by Ripple's chief legal officer Stuart Alderoty, marked yet another chapter in the ongoing confrontation between regulators and crypto entities.
Alderoty recently announced that the company's opposition to the company's request SEC became public. “Our opposition to the SEC’s call for $2 billion in fines for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple prevailed on significant issues, the SEC's order is just further proof of its continued bullying of all cryptocurrencies in the US. We remain confident that the judge will approach this final phase of solutions fairly,” he wrote in a post on X on April 22.
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
At the time, Ripple CEO Brad Garlinghouse also expressed his outrage and disappointment with the SEC's actions. Garlinghouse criticized Gary Gensler's leadership of the SEC, pointing to a history of questionable decisions and abuse of authority.
It is worth noting that the crypto community is eagerly awaiting the next chapters of this confrontation, as it could have significant implications for future regulation and the adoption of crypto assets.
