Ripple said in a filing that the SEC’s “Draconian remedial requests” do not have grounds in law or principle.
Cross-border payment protocol Ripple contested the United States Securities and Exchange Commission’s (SEC) request to impose a $2 billion fine against the blockchain company, saying the penalty should not exceed $10 million.
In a new filing, Ripple Labs opposed the SEC’s request to a federal judge to impose the almost $2 billion fine on the company. Ripple urged the court to deny the SEC’s requests for an injunction, disgorgement and pre-judgment interest.
Ripple also said the court should issue a more reasonable civil penalty, which should not be more than $10 million. The filing said: