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23 Apr
Digital Currencies

Ripple Says $10M Penalty Enough, Rejects SEC’s Ask of $1.95B Fine in Final Judgment

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Ripple Says $10M Penalty Enough, Rejects SEC’s Ask of $1.95B Fine in Final Judgment

Ripple Says $10M Penalty Enough, Rejects SEC’s Ask of $1.95B Fine in Final Judgment

The SEC’s proposal asked the court to order Ripple Labs to pay $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty, amounting to a total of $1.95 billion. The court had found Ripple violated federal securities laws by making institutional sales of XRP but dismissed similar allegations by the SEC that the sale of XRP on exchanges and through algorithms also violated the law.