In a significant legal development, Ripple Labs has vigorously challenged the U.S. Securities and Exchange Commission’s (SEC) proposal for a nearly $2 billion fine against the blockchain-based payment protocol company. The legal dispute stems from the SEC’s assertion that Ripple should face a substantial financial penalty, to which Ripple has responded by suggesting a more reasonable figure of no more than $10 million. This legal contention surfaced in a recent court filing where Ripple Labs firmly opposed the SEC’s plea to a federal judge. The blockchain giant argued against the imposition of the suggested penalties, which include an injunction, disgorgement
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