Ripple Rejects SEC’s $2,000,000,000 Request for Penalties, Says Firm Will Pay No More Than $10,000,000

Ripple has fought back against the US Securities and Exchange Commission (SEC)’s request to pay a fine of approximately $2 billion.

In March, the SEC ordered Ripple to pay $876,308,712 in disgorgement fees, $198,150,940 in prejudgment interest, and $876,308,712 in civil penalties, totaling approximately $1.95 billion. asked the court.

Ripple disputed the SEC’s allegations on Monday, according to documents share By James K. Filan, defense attorney and cryptocurrency legal expert.

The San Francisco-based payments company argues that the court should deny the SEC’s claims for injunction, disgorgement, and prejudgment interest. The company also suggests that civil penalties should be no more than $10 million.

Ripple’s lawyers argue that the $10 million reflects an appropriate percentage of the company’s actual gross proceeds from pre-indictment institutional sales and that there was “no culpable state of mind or substantive conduct.” “It will be proportionate in both proportion and amount to comparable digital asset cases.” Harm or risk of harm to others. ”

The SEC first filed charges against the payments company in late 2020 for allegedly selling XRP as an unregistered security.

Last summer, U.S. District Judge Annalisa Torres ruled that Ripple’s automated open market sales of XRP (known as programmatic sales) were not security products, contrary to SEC claims. I put it down.

However, the judge supported the SEC’s argument that Ripple’s direct sales of XRP to institutional investors constituted an offering of securities.

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