The US Securities and Exchange Commission is seeking $2bn in penalties from Ripple Labs after a US federal court found the cryptocurrency group had violated securities laws by improperly selling some tokens to investors.
The request is the latest salvo in a legal fight that began when the regulator sued Ripple in 2020, alleging it had sold $1.38bn worth of its XRP token without filing registrations required under US securities laws. Under chair Gary Gensler, the SEC has taken an aggressive approach to crypto, an industry he has defined as a “Wild West”.
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