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Ripple Labs has filed an opposition to the U.S. Securities and Exchange Commission's (SEC) proposed $2 billion in fines related to the institutional sales of XRP tokens. Ripple's legal team argues that the proposed penalty is an act of 'ongoing intimidation' and suggests that a more reasonable penalty would be no more than $10 million. They contend that the violations alleged by the SEC are not as severe as other financial crimes, such as commingling of funds or fraud.
As Ripple challenges the SEC's $2 billion demand, is the tide of public opinion turning against the regulator, fueled by frustrations within the crypto community? https://t.co/2v4n1Xptkd
RIPPLE CONTESTS SEC'S $1.9B FINE PROPOSAL Ripple's legal team suggests a penalty of no more than $10M, highlighting the non-egregious nature of the alleged violations compared to more severe financial crimes like commingling of funds and fraud. Source: Blockworks https://t.co/R8dNoDWxoO
Ripple argues that the court should impose a penalty of “no more than $10M" after SEC asks for $1.9B https://t.co/nhNs8TUD1C
