SEC Seeks $1.95B Fine in Final Judgment Against Ripple
Summary
The U.S. Securities and Exchange Commission (SEC) has requested a New York judge to impose a nearly $2 billion fine on Ripple Labs. The SEC's proposal includes $876 million in disgorgement, $198 million in prejudgment interest, and $876 million civil penalty. The case started in December 2020 when the SEC accused Ripple Labs and its executives of violating federal securities laws by selling XRP to both institutional and retail customers. In July, a New York Judge ruled that only Ripple’s institutional sales of XRP violated U.S. law. Ripple Labs' chief legal officer, Stuart Alderoty, criticized the SEC's move and stated that the company will respond to the SEC’s motion by April 22, 2024.
