TechFlow news — The U.S. Securities and Exchange Commission (SEC) has asked a New York judge to impose a $1.95 billion penalty on Ripple Labs.
The SEC's proposal requests the court to order Ripple Labs to pay $876 million in disgorgement, $198 million in pre-judgment interest, and $876 million in civil penalties, totaling $1.95 billion.
Ripple Labs' Chief Legal Officer, Stewart Alderoty, said the company will file its response to the SEC's motion next month.
According to the SEC's filing, "The defendant's response shall be submitted no later than April 22, 2024."
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