SEC seeks $1.9B from Ripple in proposed final judgment
Ripple CEO and chief legal officer said on Monday that the SEC was seeking nearly $2B in its case
Ripple CEO Brad Garlinghouse | Steve Jennings/Getty Images for TechCrunch/"775105076EC00077_TechCrunch" (CC license)
The Securities and Exchange Commission officially filed its proposed final judgment in its case against Ripple Labs.
In the filing, the SEC is asking the court to grant a final motion in its favor and award a judgment of $1.9 billion to the agency.
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, in posts on X Monday, announced that the regulatory agency was seeking a billion-dollar sum from the company.
“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. They stayed true to form here,” Alderoty wrote.
Read more: SEC will reportedly seek $2B in case against Ripple, CEO says
If the judge grants the SEC’s motion, then Ripple would pay the $1.9 billion 30 days after the judgment. Additionally, Ripple would be “permanently restrained and enjoined from, directly or indirectly, conducting an unregistered offering of Institutional Sales.”
The executives said that Ripple will file its response next month.
Alderoty said that the SEC is “bent on wanting to punish and intimidate Ripple — and the industry at large.”
Garlinghouse accused the SEC of acting “outside the law.”
“We will continue to expose the SEC for what they are when we respond to this,” he added.
Read more: DEBT Box loss shows SEC ‘overreach and failure,’ Hill says
The SEC and Ripple have been locked in a multi-year legal battle. The US regulator alleges that Ripple knowingly violated securities laws.
Last summer, Judge Analisa Torres issued a summary judgment that dealt a blow to the SEC’s initial suit, but it wasn’t a complete win for Ripple either.
Torres ruled that the institutional sales of Ripple’s XRP token could be categorized as unregistered securities transactions. However, she also found that the programmatic sales did not qualify.
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