The Securities and Exchange Commission wants Ripple Labs to pay close to $2 billion and asks a New York court to weigh the "severity" of the firm's misconduct.
"The SEC asks the Court to consider the severity and pervasiveness of Ripple’s misconduct, and the need to send a strong deterrent message to Ripple and others considering whether to raise capital by selling securities to the public in unregistered transactions involving crypto assets," the agency said in the court filing.
The SEC's proposed final judgment concerns direct sales to institutional investors. The SEC says Ripple received almost $1 billion from "its illegal sales of XRP."
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SEC will ask for $2B in fines and penalties — Ripple chief legal officerStuart Alderoty, chief legal officer at Ripple Labs, said a filing would be made public showing the SEC requested $2 billion in fines and penalties from the blockchain firm.
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