SEC Seeks $2 Billion Penalty Against Ripple, Disputes XRP Legality

May 8, 2024, 04:53 PM

The U.S. Securities and Exchange Commission (SEC) is intensifying its legal battle against Ripple, arguing for a $2 billion penalty over its handling of XRP, a cryptocurrency. The SEC has filed its final response in the ongoing lawsuit, refuting Ripple's claims of non-recklessness and disputing the legality of XRP's status. Ripple has countered with a proposal for a $10 million penalty, which the SEC criticizes as too lenient given the gravity of the alleged violations. The SEC also seeks injunctions to prevent future violations by Ripple.