SEC Seeks $1.95 Billion Fine Against Ripple Labs in Securities Lawsuit
The SEC has requested a $1.95 billion fine against Ripple Labs and is urging the court to consider the ease with which actors in the crypto asset space can engage in similar conduct. The proposed fine includes $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty. The case began in December 2020 when the SEC filed suit against Ripple Labs and its executives for violating federal securities laws by selling XRP to both institutional and retail customers. Ripple Labs' chief legal officer has criticized the SEC and stated that the company will file its response next month.
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