The US Securities and Exchange Commission (SEC) is demanding a $2 billion fine from Ripple Labs.

Stuart Alderoty, Ripple Labs’ chief legal officer, made the announcement. In the post he shared from his personal X account, Alderoty said, “As you will see when the SEC’s brief is made public tomorrow, they ask the Judge for $2B in fines and penalties.”

Ripple will respond to this request next month. “Rather than faithfully apply the law, the SEC remains bent on wanting to punish and intimidate Ripple – and the industry at large.” Alderoty said.

“We will continue to expose the SEC”

Ripple CEO Brad Garlinghouse also made the following statement:

“Gensler’s SEC has repeatedly acted outside the law – not going unnoticed by Judges admonishing the agency for a “gross abuse of the power entrusted to it by Congress” (DEBT Box case) and for acting without “faithful allegiance to the law” (Ripple case). Let’s not also forget Gensler’s lack of attention to SBFraud. The SEC plans to ask the Judge for $2B in a case that involved no allegations (let alone findings) of fraud or recklessness. There is absolutely no precedent for this. We will continue to expose the SEC for what they are when we respond to this.”

Garlinghose also said Ripple has over $1 billion in cash and more than $25 billion in cryptocurrencies.