SEC plans to ask judge for $2 billion in fines and penalties from Ripple Labs

The Securities and Exchange Commission has requested a New York judge impose $2 billion in fines and penalties on Ripple Labs Inc., according to the company's chief legal officer.

The filings, which Ripple Chief Legal Officer Stuart Alderoty said will be made public on Tuesday, are part of the continuing saga of its years-long case with the SEC.

“Our response will be filed next month, but as we all have seen time and again, this is a regulator that trades in statements that are false, mischaracterized and designed to mislead,” Alderoty posted on X on Monday. “They stayed true to form here. Rather than faithfully apply the law, the SEC remains bent on wanting to punish and intimidate Ripple - and the industry at large.”

Ripple's CEO also took to X to chastise the regulator, citing recent court decisions that ruled against the SEC in favor of crypto companies it sued.

“Gensler‘s SEC has repeatedly acted outside the law – not going unnoticed by Judges admonishing the agency for a 'gross abuse of the power entrusted to it by Congress' (DEBT Box case) and for acting without 'faithful allegiance to the law' (Ripple case). Let’s not also forget Genslers lack of attention to SBFraud,” Garlinghouse posted Monday afternoon.