The Block Crypto News11 minutes ago

Published on April 23, 2024 02:14 GMT+00:00edited on April 23, 2024 02:19 GMT+00:00

Ripple Labs filed its rebuttal to the Securities and Exchange Commission's push to have the firm pay close to $2 billion in penalties, in a court document filed late on Monday. 

This comes after the SEC said last month that Ripple should pay close to $2 billion in fines for selling XRP to institutional investors, but Ripple said that figure should be closer to $10 million in its opposition motion. 

"Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public," said Ripple Chief Legal Office Stuart Alderoty in a post on X on Monday. "In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing intimidation against all of crypto …