SEC Seeks $2B in Fines from Ripple Labs
According to the chief legal officer of Ripple Labs Inc. Stuart Alderoty, the company has been requested by the Securities and Exchange Commission to pay $2 billion in fines and penalties by a New York judge.
The details of the request will be made public on Tuesday, and this is just the latest development in the ongoing legal battle between Ripple Labs and the SEC.
Alderoty stated that while the company’s response will be filed next month, it is no surprise that the SEC is once again attempting to mislead and intimidate Ripple and the wider industry.
He also cited the SEC’s history of making false and mischaracterized statements. Ripple’s CEO, Brad Garlinghouse, also criticized the regulator on the social media platform X for their actions, pointing to recent court cases where the SEC was reprimanded for abusing their power and not upholding the law.
