US SEC seeks $2 billion in fines from Ripple through court

"The U.S. Securities and Exchange Commission (SEC) has asked the court to impose $2 billion in penalties on Ripple," reports Stuart Alderoty, Chief Legal Officer at Ripple (XRP), X. "The SEC filed a remedies briefing in the case on Wednesday (local time). A remedies briefing is a process in which plaintiffs and defendants propose their desired remedies, along with legal arguments to support their pre-judgment arguments. "The SEC is making statements that are false, misleading and intended to deceive. They are using the law solely to punish and intimidate Ripple and the industry. We trust that the court will approach the remedy process fairly.