According to Reuter, the U.S. Securities and Exchange Commission is seeking fines and penalties totaling $2 billion in its case against Ripple Labs over sales of the cryptocurrency XRP, the company’s chief legal officer said in a social media post. The company’s Chief Legal Officer Stuart Alderoty said the regulator has asked U.S. District Judge Analisa Torres in Manhattan for the penalties in court papers filed under seal. The SEC was scheduled to file the documents publicly with redactions on Tuesday. Ripple is scheduled to file a reply in April.
Jeffrey Newman is a whistleblower lawyer whose firm represents whistleblowers in, among other things Securities Exchange Act whistleblower cases, involving evasion by public corporations of US sanctions against China, Iran and Russia and other sanctioned entities and he can be reached at Jeff@JeffNewmanLaw.com or at 617-823-3217
