Public announcements from regulatory authorities or Ripple

SEC Disputes Ripple's Claims, Seeks $2 Billion Fine in XRP Lawsuit

May 8, 2024, 09:12 AM

The U.S. Securities and Exchange Commission (SEC) has filed its final response in its ongoing lawsuit against Ripple, challenging Ripple's claims that there was no reckless behavior and no widespread uncertainty about XRP's legal status. The SEC has disputed Ripple's conduct and the legal clarity of XRP, emphasizing the need for injunctions to prevent future violations. Additionally, the SEC has labeled Ripple's planned stablecoin as an 'unregistered crypto asset' and is pushing for substantial fines, nearly $2 billion, arguing that Ripple's penalty demands are too lenient given their past violations involving XRP.