SEC argues $2 billion penalty against Ripple is needed, slams $10 million counterproposal

The SEC is pushing back against Ripple's claim that it should pay less in fines, according to a recent court filing.

The Sec urities and Exchange Commission is pushing back against Ripple 's claim that it should pay fewer fines, according to a recent court filing.

"To the contrary, it would encourage other crypto asset issuers to violate Section 5 by making it a remarkably lucrative endeavor, and thus deprive investors the disclosures Congress mandates, as a mere 'cost of doing business,'" the SEC's lawyers said. The SEC said Ripple had made billions of dollars in institutional sales of XRP. Ripple said it has changed the way it sells XRP after the New York ruling.The SEC also criticized Ripple's assurances to the court that it would not again violate the law in the future.

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