The Securities and Exchange Commission (SEC) does not give up in its crusade against the cryptocurrency company Ripple Labs. It will ask a judge to fine that company with USD 2,000 million, according to senior executives of that entity. Via demands multi-million dollar sanction against the company issuer of the XRP token. Alderoty criticized that the US regulator “trades in false statements, mischaracterized and designed to deceive.” “The SEC remains committed to wanting to punish and intimidate Ripple and the industry in general, instead of faithfully applying the law,” questioned the lawyer. The jurist announced that the company's response will be presented next month. “We are confident that the Court will approach the reparation phase fairly,” Alderoty said. Brad Garlinghouse, CEO of Ripple Labs, also came forward to criticize the SEC's request. In the businessman's opinion, that office “has repeatedly acted outside the law.”
He also said the SEC has already been reprimanded for “gross abuse of the power entrusted to it by Congress” and for acting “without faithful allegiance to the law.” This, taking into account that the US regulator was already accused of abusing its power in a case against a digital asset platform known as DEBT Box. With his request, the US Securities and Exchange Commission takes advantage the setback that Ripple suffered last February, when Judge Sarah Netburn accepted a motion from the regulator and forced the company to disclose its financial statements, as reported by BitcoinDynamic. The SEC filed the motion in January, arguing that knowing the financial health of Ripple Labs is an important factor in determining any potential sanctions on that company. Likewise, with the request for a multi-million dollar fine against Ripple, the SEC continues to push to prove that Ripple Labs violated US securities laws. This despite a court giving a partial victory to Ripple last year, when it ruled that XRP is not a security and, therefore, its commercialization did not constitute a violation of securities laws from United States. Although it was thought that this historic ruling would put an end to a litigation that has lasted for more than 3 years, the SEC's new request to fine Ripple Labs shows that the judicial battle is still in full swing.