The leaders of Ripple, including CEO Brad Garlinghouse and CLO Stuart Alderoty, stated that the SEC is looking to impose $2 billion in fines and penalties on the company.

This proposal for fines and penalties was mentioned in a court document that will be revealed on March 26.

Garlinghouse criticized the SEC for demanding substantial penalties without any accusations of fraud or recklessness. He indicated that the SEC's request has no precedent and vowed that Ripple's response will uncover the watchdog.

In a similar manner, co-founder Chris Larsen voiced his opinion on the matter by claiming that the SEC has gone off track and thinks it's above the law. He emphasized that the regulator's actions have affected the US globally and should be noted in an election year.

Speculation had circulated suggesting Ripple could face fines exceeding $2 billion due to its institutional XRP sales. Nevertheless, recent data indicates that the SEC's intended fine may not be based on the current XRP price or encompass the total institutional sales figure.