Crypto company Ripple has responded to the Securities and Exchange Commission’s (SEC) pursuit of nearly $2 billion in fines by advocating for a different approach.
In a court filing dated April 22, Ripple proposed that the Court reject the SEC’s demands and instead impose a civil penalty not exceeding $10 million.
Stuart Alderoty, Ripple’s Chief Legal Officer, conveyed the company’s stance in a statement on the X (formerly Twitter) platform, stating that the case “had no allegations (or findings) of recklessness or fraud.”
Alderoty characterized the SEC’s demand as part of a broader pattern of intimidating actions against the crypto industry within the United States, noting that Ripple scored significant legal victories on matters in the case.
Ripple CEO Brad Garlinghouse added:
“The US will be picking up the pieces of the agency’s disastrous policies long after Gensler is gone.”
‘Changed ways’
Ripple said the SEC’s $2 billion fine request was further evidence
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