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On March 25, Ripple CLO Stuart Alderoty revealed that the SEC’s brief will be made public on Tuesday, March 26, and the regulator will be asking the judge for $2 billion in fines and penalties.
“Rather than faithfully apply the law, the SEC remains bent on wanting to punish and intimidate Ripple – and the industry at large.” Alderoty added that Ripple will file its response 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.”
He said that the case “involved no allegations of fraud or recklessness” before adding, “There is absolutely no precedent for this.”
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