Ripple previously filed an objection to the U.S. SEC's motion to impose a $2 billion fine on it. In this objection, Ripple argued that the U.S. Securities and Exchange Commission did not allege "fraud, deception" or manipulation, and the case failed to "Showing Ripple's reckless disregard for the law," the court should impose a fine of "not more than $10 million"; while any violation of securities laws is serious, the company's violations do not warrant such a hefty penalty, the court said. A fine of no more than $10 million should be imposed; institutional sales of Ripple are far less serious than other crimes such as mixing funds and fraud.