Ripple counters SEC’s hefty $2B fine with a modest $10M proposal in a landmark case
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