Ripple Labs accuses the SEC of trying to 'punish and intimidate' by seeking $2 billion in penalties from XRP developer

Tue, 03/26/2024 - 09:36

In this photo illustration of the ripple cryptocurrency 'altcoin' sits arranged for a photograph on April 25, 2018 in London, England. Cryptocurrency markets began to recover this month following a massive crash during the first quarter of 2018, seeing more than $550 billion wiped from the total market capitalisation. (Photo by ) — Ripple Labs is behind the XRP cryptocurrency.
Jack Taylor/Getty Images

The SEC is seeking fines and penalties worth $2 billion from Ripple Labs, its legal chief said.
Stuart Alderoty said the SEC wanted to "punish and intimidate Ripple" and the wider crypto sector.
Ripple is behind XRP, the sixth-largest cryptocurrency by market capitalization.

The US's top financial watchdog is seeking penalties worth billions of dollars from Ripple Labs, the company behind the XRP cryptocurrency, its chief legal officer said.