TechFlow news: Ripple Labs has filed a rebuttal document challenging the Securities and Exchange Commission's (SEC) demand for the company to pay nearly $2 billion in penalties.
Last month, the SEC stated that Ripple should pay a fine of nearly $2 billion, while Ripple argued the amount should be closer to $10 million. The SEC accused Ripple of selling XRP as unregistered securities, whereas Ripple claimed it had changed its method of selling XRP. The court ruled that some of Ripple’s XRP sales did not violate securities laws, but other direct sales to institutional investors were deemed securities. Ripple maintains its conduct was not severe and should not warrant such a substantial penalty.
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