San Francisco-based company Ripple argues that the civil penalty should not exceed $10 million
Last month, the SEC requested injunctive relief, civil penalties, and disgorgement of profits in the Ripple case. The embattled company, which is best known for its association with the XRP cryptocurrency, might be forced to fork out a whopping $2 billion. that such an exorbitant sum was justified due to the reckless nature of the company's conduct and repeated violations of the securities laws.
However, in its most recent filing, Ripple argues that the SEC has the burden to come forward with positive proof that the company is going to violate the law again in the future. Furthermore, it argues that its institutional sales did not show"reckless disregard" for the law, citing its interactions with other US regulators and regulatory actions in other major jurisdictions.
The company claims that any injunctive relief should be"narrow and tailored." Furthermore, according to Ripple, the SEC fails to show that any disgorgement is warranted, arguing that its institutional sales caused no"pecuniary harm." As for the civil penalty, the company claims that it should not exceed $10 million.
"The US will be picking up the pieces of the agency’s disastrous policies long after Gensler is gone," Ripple CEO Brad Garlinghouse said on the X social media network. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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