US SEC slaps Ripple with $2 billion fine

According to The Block, the U.S. Securities and Exchange Commission (SEC) has responded to Ripple's claim that the fine shouldn't exceed $10 million by saying, “That's a slap on the wrist. They should be paying close to $2 billion in penalties,” he countered. “For selling XRP to institutions, Ripple should pay nearly $2 billion in penalties,” the SEC said, adding, “While Ripple argues that the penalty should not exceed $10 million, it may encourage other cryptocurrency issuers to see violating Section 5 as a very profitable endeavor. It could encourage other crypto issuers to view paying congressionally mandated penalties as a mere cost of doing business.”