SEC and Ripple Move XRP Price: 2 Billion Penalty Demand and Harsh Response! - Coin Newsletter

The U.S. Securities and Exchange Commission (SEC) has asked Ripple Labs to be fined close to $2 billion.

There has been a new development in the lawsuit between the SEC and Ripple (XRP) that has been going on for years. On March 25, the SEC, chaired by Gary Gensler, asked a New York judge to impose a $1.95 billion penalty on Ripple Labs.

Ripple Chief Legal Officer Stuart Alderoty stated that the details of the SEC's requests will be announced on Tuesday, while the Ripple front will present a defense next month.

Ripple CEO Brad Garlinghouse, who made a statement on the subject, pointed to the SEC's inconsistent attitudes so far and made harsh statements.

Stating that the SEC has acted against the law many times so far, the CEO stated that they have seen this both in the DEBT Box case and in a previous decision on Ripple**:

Gensler's SEC has repeatedly acted outside the law. It did not go unnoticed that the judges warned the institution of a "gross abuse of the power vested in it by Congress" (the DEBT Box case) and that it acted without being "faithfully bound by the law" (the Ripple case). And let's not forget Gensler's lack of interest in SBFraud (Sam Bankman Fried).