October 26, 2023 10:37 am Comments

These people just won’t quit, will they?

Following Ripple’s historic victory against the Securities and Exchange Commission and the dropping of all charges against Ripple CEO Brad Garlinghouse and Chris Larsen, the SEC is still at it.

The government agency is now demanding $770 million from Ripple Labs as a penalty. Cryptopolitan reports:

The regulatory body, evidently embarrassed, now seemingly wants to make a statement by extracting a $770 million penalty from Ripple. However, Ripple isn’t backing down quickly.

Attorney Jeremy Hogan believes that the likelihood of the SEC getting its way is slim to none.

The pro-XRP attorney shared his thoughts on both the draconian penalty sought by the SEC and the broader case in this recent thread:

CNBC explains that Ripple has already expended massive sums to combat the SEC:

“With the SEC, we will spend — this is the first time I’ve shared this publicly — by the time all’s said and done, we will have spent $200 million defending ourselves against a lawsuit, which from its very beginning, people were like, well, this doesn’t make a lot of sense,” Garlinghouse said during a fireside chat with CNBC’s Dan Murphy at the Dubai Fintech Summit.

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