Ripple Counters SEC Demands with $10 Million Penalty Proposal

Summary of Ripple's Legal Defense

In their latest legal bout, Ripple Labs has provided a counterproposal to the SEC's demands in the ongoing XRP lawsuit, suggesting a $10 million maximum penalty instead of the regulator's proposals. Ripple's 186-page document emphasizes their acknowledgment of the court's verdict and their subsequent compliance changes, arguing against the need for further punitive measures or an injunction.

Ripple's Argument Against Injunction

Ripple's defense underscores a lack of evidence for potential future violations and the absence of direct financial harm to investors, challenging the SEC's call for disgorgement. They also reference legal precedents to support a reduced civil penalty that aligns with similar cases.

Community and Market Response

The pro-XRP community shows confidence in the solidity of Ripple's arguments. Legal commentators share their insights, with predictions on the likely timeline for a decision from Judge Torres. Meanwhile, XRP's market value shows a positive response amidst the ongoing legal proceedings.