Ripple Labs opposed the US Securities and Exchange Commission (SEC)’s $2 billion penalty request.
In the petition submitted to the court on Monday, April 22, Ripple Labs stated that the SEC 2 billion dollar penalty request He stated that he was against it. Company, $10 million penalty payment He said it would be reasonable and acceptable:
The court must deny the SEC’s motions for injunctive relief, damages, and prejudgment interest and impose a civil penalty not exceeding $10 million.
In its request to the court in the past period, the SEC stated that Ripple Labs 876 million dollars compensation, $198 million pre-judgment interest And $876 million fine total including $1.95 billion He demanded that he pay a fine of .
While Ripple’s lawyers described this high demand of the SEC as a reckless behavior, they stated that they displayed the same attitude throughout the entire process:
The SEC’s requests for corrections are further evidence of the administrative excess surrounding this case. The SEC acts as if it has completely prevailed and proven its reckless behavior. But none of this happened. The SEC is also seeking a ban on refunds and a separate penalty exceeding 20 times the penalty it receives from any other defendant or defendant in a cryptocurrency case, checking Supreme Court precedent.
