Ripple Objects to SEC's $2 Billion Fine, Claims It Should Not Exceed $10 Million

IconCrypto News Terminal23 Apr, 2024

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Ripple Objects to SEC's $2 Billion Fine, Claims It Should Not Exceed $10 Million

Ripple has filed a motion with the court, objecting to the SEC's $2 billion disgorgement request. Ripple argues that the fine should "not exceed $10 million," according to The Block. Ripple claims that "XRP was sold to a limited number of institutional purchasers over an eight-year period, and Ripple did not engage in any fraud." Stuart Alderoty, Ripple's chief legal officer, tweeted that "the SEC’s $2B ask in a case that Ripple has already won at summary judgment is a threat to all crypto in the US." Previously on April 23rd, 2024, Ripple filed a motion with the court objecting to the SEC's $2 billion disgorgement request, arguing that it should "not exceed $10 million," according to The Block. Ripple said that "XRP was sold to a limited number of institutional purchasers over an eight-year period, and Ripple did not engage in any fraud." In related news, Stuart Alderoty, Ripple's chief legal officer, tweeted that "the SEC’s $2B ask in a case that Ripple has already won at summary judgment is a threat to all crypto in the US."

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