Ripple has defended itself against the SEC’s demand for roughly $2 billion in fines for selling its cryptocurrency, XRP, to institutional investors without registration.
The corporation submitted a lengthy 186-page statement accepting the court’s decision and adjusting its business procedures appropriately.
Ripple contests the SEC’s request for disgorgement, claiming that there is no proof of financial loss to investors as a result of Ripple’s conduct.
The corporation argues for a far lesser civil penalty than the SEC seeks, stating that $10 million is consistent with precedent and the nature of the violation.
The XRP legal community supports Ripple’s argument, with Bill Morgan, a well-known pro-XRP lawyer, agreeing with Ripple’s stand against disgorgement.
Other attorneys, such as Jeremy Hogan, oppose the SEC’s strategy and predict a prompt judgment from Judge Torres. This legal dispute between Ripple and the SEC is critical, since it might influence how cryptocurrencies are governed and handled legally in the United States.
