SEC will ask for $2B in fines and penalties — Ripple chief legal officer

📆 3/25/2024 8:36 PM
📰 Cointelegraph

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Stuart Alderoty, chief legal officer at Ripple Labs, said a filing would be made public showing the SEC requested $2 billion in fines and penalties from the blockchain firm.

Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty cited a judge imposing sanctions on the SEC in a lawsuit against Debt Box, claiming the regulator exceeded its authority.

Ripple Labs chief legal officer Stuart Alderoty said the United States Securities and Exchange Commission asked a federal judge for a $2-billion penalty against the blockchain firm.the SEC requested a judge impose $2 billion in fines and penalties against Ripple as part of a filing under seal until March 26. The civil case against Ripple has been ongoing since the SEC filed in 2020.

“Rather than faithfully apply the law, the SEC remains bent on wanting to punish and intimidate Ripple - and the industry at large,”The Ripple chief legal officer said the firm planned to file a response to the SEC request in April but claimed the regulator “trades in statements that are false, mischaracterized and designed to mislead.” On March 18, a Utah judgeRipple CEO Brad Garlinghouse on X, referring to the $2-billion fine.

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