According to court documents, the U.S. Securities and Exchange Commission (SEC) has requested a New York judge to impose a nearly $2 billion fine on Ripple Labs.

On Monday, Stuart Alderoty, Chief Legal Officer of Ripple Labs, posted on social media that the SEC is seeking such a fine, and the edited version of the court documents will be made public before March 26.

The SEC's proposal requests the court to order Ripple Labs to pay $876 million in illegal gains, $198 million in prejudgment interest, and a civil penalty of $876 million, totaling $1.95 billion.

The case began in December 2020 when the SEC filed a lawsuit against Ripple Labs and its executives, alleging that they violated federal securities laws by selling XRP to institutions and retail customers. In July of last year, New York judge Analisa Torres ruled that selling XRP on exchanges and through algorithms did not violate U.S. law, only Ripple's institutional sales of XRP did.

The documents state, "The U.S. Securities and Exchange Commission asks the court to consider how easily actors, especially those in the cryptocurrency field, can engage in conduct similar to Ripple's today and send a strong message that such abuses will not be tolerated."

Alderoty criticized the SEC and wrote that the company will respond to the SEC's motion next month. The SEC document states, "Defendants shall file a response by April 22, 2024."

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