SEC Challenges XRP's Legality, Seeks $2 Billion Fine in Ripple Case

May 8, 2024, 09:12 AM

The U.S. Securities and Exchange Commission (SEC) has filed its final response in the ongoing lawsuit against Ripple, challenging Ripple's assertions of non-reckless behavior and disputing the legal clarity of XRP. The SEC's final response emphasizes the need for injunctions to prevent future violations and disputes Ripple's view on the recklessness and legality of XRP. Additionally, the SEC has labeled Ripple's planned stablecoin as an unregistered crypto asset and is seeking substantial fines, nearly $2 billion, arguing that Ripple's penalty demands are too lenient given their past violations involving XRP. The SEC noted no rule breaks by Ripple since 2020.