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Ripple Labs has pushed back against the SEC’s proposal for a nearly $2 billion fine, arguing that a civil penalty of no more than $10 million would be more appropriate. This opposition comes after a court found Ripple guilty of violating federal securities laws through institutional sales of XRP, while dismissing other SEC allegations related to XRP sales on exchanges and through algorithms.
In its filing, Ripple argued against the SEC’s remedial requests, labeling them as evidence of administrative overreach. The company’s lawyers emphasized that the SEC has not proven reckless conduct and that the requested disgorgement and penalties exceed legal precedents. Notably, Ripple highlighted that the proposed penalty is over 20 times greater than what the SEC has obtained from any other defendant in a digital-asset case.
Furthermore, Ripple redacted specific financial details in its filing, including revenue from institutional sales, income taxes paid, and losses. The company asserted that it had no gains to disgorge, challenging the basis for the SEC’s proposed penalties.
Overall, Ripple’s opposition signals a firm stance against the SEC’s punitive measures, advocating for a significantly reduced civil penalty in the final judgment.
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