Ripple seeks fine of up to $10 million
According to Blockworks, Ripple has submitted an opposition to the motion for a $2 billion fine by the SEC to the court. In this opposition, Ripple argues that the SEC did not accuse them of "fraud, deceit, or manipulation" and the case does not show that Ripple disregarded the law. Therefore, the court should impose a fine of "no more than $10 million."Ripple stated that although any violation of the Securities Act is a "serious matter," their misconduct should not be subject to such a high penalty. The document points out that "Ripple's institutional sales are far less serious than other criminal activities such as mixed funds or fraud."Earlier, Ripple had already submitted an opposition to the motion for a $2 billion fine by the SEC to the court.
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