Ripple Fights Back: Calls on Court to Dismiss SEC’s $2 Billion Penalty Demand in XRP Case
Ripple Labs has officially opposed the U.S. Securities and Exchange Commission’s (SEC) request for a $2 billion fine in the ongoing XRP case.
The company labeled the SEC’s demands as “draconian” and argued that they lack legal basis or principle. Stuart Alderoty, Ripple’s chief legal officer, highlighted the lack of recklessness or fraud allegations in the case and criticized the SEC’s aggressive stance against the crypto industry. Ripple expressed confidence in the fairness of the judicial process and reiterated its commitment to complying with legal guidelines for XRP distribution.
The filing coincided with reports of two SEC lawyers resigning due to alleged misconduct in another crypto-related case, further fueling criticism of the agency’s regulatory approach.
Clever Robot News Desk 25th April 2024
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