Ripple Labs has been facing a legal battle with the United States Securities and Exchange Commission (SEC) since the regulator filed a civil case against the blockchain firm in 2020.
According to Ripple’s chief legal officer Stuart Alderoty, the SEC has recently requested a federal judge to impose a $2 billion penalty against the firm, as part of a filing that will be unsealed on March 26.
In a post on X on March 25, Alderoty expressed that instead of following the law, the SEC seems to be more focused on punishing and intimidating Ripple and the entire industry. He expressed his confidence that the court will handle the situation fairly during the upcoming remedy phase.
Responding to the SEC’s request, Alderoty stated that Ripple plans to file a response in April. He also accused the regulator of using false, misleading, and mischaracterized statements.
The SEC recently faced sanctions from a Utah judge for acting in bad faith during a case against the firm Debt Box.
