The agency sent documents to the court last month, seeking the company to recover funds. The claims include $876 million in compensatory damages, $198 million in interest, and $876 million in civil penalties. The company’s officials stated that the civil fine should not exceed $10 million.
They also denied the SEC’s allegations of ongoing XRP sales to institutions. Ripple’s Chief Legal Officer, Stuart Alderoty, argued that the SEC’s claims were based on an unsuccessful case and suggested that the agency aims to intimidate the market. The court determined that XRP’s retail sales do not violate securities laws, though the trial is ongoing, focusing on XRP’s institutional sales.