Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty cited a judge imposing sanctions on the SEC in a lawsuit against Debt Box, claiming the regulator exceeded its authority.
Ripple Labs chief legal officer Stuart Alderoty said the United States Securities and Exchange Commission (SEC) asked a federal judge for a $2-billion penalty against the blockchain firm.
In a March 25 X post, Alderoty said the SEC requested a judge impose $2 billion in fines and penalties against Ripple as part of a filing under seal until March 26. The civil case against Ripple has been ongoing since the SEC filed in 2020.
“Rather than faithfully apply the law, the SEC remains bent on wanting to punish and intimidate Ripple - and the industry at large,” said Alderoty. “We trust the Court will approach the remedies phase fairly.”
