In a last-minute move that is still unclear in its terms, the SEC is reportedly planning to punish Ripple Labs, the company that developed Ripple (XRP) $2 billion.

“As you will see when the SEC's summary is made public tomorrow, they are asking the judge for $2 billion in fines and sanctions.

Our response will be forthcoming in a month, but as we have all repeatedly witnessed, this regulator functions on the basis of untrue, vague, and intentionally misleading statements. Here, too, they adhered to their form.

The SEC persists in its efforts to penalise and intimidate Ripple and the sector at large, instead of dutifully upholding the law. We think the court will treat the resolution phase equitably.

Nonetheless, Brad Garlinghouse, CEO of Ripple, stated the following regarding the development:

The following was the announcement made by Stuart Alderoty, Chief Legal Officer at Ripple:

The SEC, led by Gensler, has repeatedly acted outside the law, admonished by judges for “gross abuse of the authority entrusted to it by Congress” (DEBT Box case) and for acting “without faithful adherence to the law” (Ripple case). Let's also not forget Ge

Ripple co-founder Chris Larsen said the following about the development:

“The balance of the SEC, managed by Gensler, has been disrupted. The fact that the SEC alone considers itself above the law and drags the USA further behind other G20 countries will not and should not go unnoticed in an election year.”