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International Business Times
International Business Times
Business
Marvie Basilan

SEC Ripple Case: Regulator Insists $2B Penalty 'Needed' To Deter Crypto Giant's Future Violations

Ripple SEC Crypto Brad Garlinghouse Gensler Christian Larsen XRP United States
The SEC insists that its request for a multi-billion-dollar penalty on Ripple is necessary to ensure that the XRP token issuer will refrain from violating securities laws in the future. (Credit: Pixabay)

KEY POINTS

  • The regulator said Ripple failed to explain the meaningful impact of its requested 'low' penalty
  • Ripple previously said there was 'no precedent' to the $2 billion penalty the SEC wanted
  • A court ruled last year that XRP, Ripple's native crypto, isn't a security

The U.S. Securities and Exchange Commission's (SEC) case against cryptocurrency payment protocol giant Ripple has gone a notch higher as the Wall Street regulator submitted a final filing to reiterate that a staggering amount in penalties was necessary to punish the creator of the XRP digital asset.

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