The ongoing legal dispute between the cryptocurrency firm Ripple and the U.S. Securities and Exchange Commission (SEC) has taken a new turn. Ripple's chief legal officer, Stuart Alderoty, has publicly responded to the SEC's allegations, emphasizing the absence of victims requiring compensation in this case. This response comes after Ripple proposed limiting its penalty to $10 million, a significant reduction from the SEC's initial demand of $2 billion.

Alderoty took to social media platform X to express his views, stating that the SEC is "raging" due to Ripple's unwavering defense without making any concessions. He highlighted that the court has clarified XRP's status as a non-security under specific conditions and emphasized the lack of victims requiring compensation.

In contrast, the SEC argued in its letter to District Judge Analisa Torres that the Ripple-XRP case differs significantly from the Terraform Labs case. The SEC pointed out that Terraform Labs agreed to return funds to victims quickly, whereas Ripple has not agreed to similar terms. The agency demanded $102.6 million from Ripple, a substantial reduction from its initial penalty of $2 billion.

Ripple's legal battle with the SEC began in December 2020, with the regulator alleging that Ripple raised $1.3 billion through the sale of XRP tokens, which it claims are unregistered securities. However, in a significant ruling in July 2023, Judge Torres clarified that XRP is not a security when sold to retail investors on digital asset exchanges.

The ongoing legal battle between Ripple and the SEC has sparked debate in the cryptocurrency community, with many following the case closely. The outcome of this case is expected to have significant implications for the cryptocurrency market, and many are eagerly awaiting the final ruling.

In the meantime, Ripple's legal chief, Stuart Alderoty, remains confident in his firm's defense, highlighting the key differences between this case and others, such as Terraform Labs. As the legal battle continues, it remains to be seen how the SEC and Ripple will proceed, and what the ultimate outcome will be for the cryptocurrency firm and the broader market.