Ripple Says $10M Penalty Enough, Rejects SEC’s Ask of $1.95B Fine in Final Judgment
Summary
Ripple Labs has opposed the U.S. Securities and Exchange Commission's (SEC) proposal for a nearly $2 billion fine against the company. The SEC's proposal includes $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty. The court found Ripple violated federal securities laws with institutional sales of XRP, but dismissed allegations that the sale of XRP on exchanges and through algorithms also violated the law. Ripple's lawyers argue that the SEC's requests are administrative overreach and that the agency seeks disgorgement barred by Supreme Court and Circuit precedent. Ripple also argued it had no gains to disgorge.
