SEC argues $2 billion penalty against Ripple is needed, slams $10 million counterproposal
• The SEC has said that Ripple should pay close to $2 billion in fines for selling XRP to institutional investors. • Ripple has argued that that figure should be closer to $10 million.
The Securities and Exchange Commission is pushing back against Ripple's claim that it should pay fewer fines, according to a recent court filing.
The SEC has said Ripple should pay close to $2 billion in fines for selling to institutional investors. In its opposition motion filed last month, Ripple argued that the figure should be closer to $10 million . The SEC noted its proposed penalty was large but said Ripple's proposed penalty would be a "slap on the wrist" in a filing posted on Tuesday.
"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.