Summary
TLDR: Ripple Labs pushed back against the SEC’s request for nearly $2 billion in fines, arguing that the penalty should be no more than $10 million. The legal battle over alleged illegal fundraising continues, with Ripple claiming the SEC’s actions are intimidation against the crypto industry in the US.
Key Points
1. Ripple Labs pushed back against the SEC’s request for nearly $2 billion in fines, arguing that the penalties were excessive and not warranted.
2. Ripple’s Chief Legal Officer Stuart Alderoty criticized the SEC’s request, stating that it was part of the agency’s ongoing intimidation against the crypto industry in the US.
3. Despite Judge Analisa Torres ruling that Ripple’s institutional sales were securities sales under Howey, the SEC did not achieve a total victory as the programmatic sales of XRP were not considered as offer of investment contracts under Howey.