Ripple urged the court to reconsider the amount of the civil penalty requested by the U.S. Securities and Exchange Commission (SEC).
In a recent filing, Ripple’s legal team cited the settlement between the SEC and Terraform Labs as a precedent for determining an “appropriate” fine.
On June 13, Ripple filed a supplemental authorization notice with the U.S. District Court for the Southern District of New York.
Ripple’s lawyers claim that the SEC’s $2 billion fine request is unreasonable.
They highlight the $4.5 billion settlement in the Terraform case as a more appropriate benchmark.
Ripple filed its application in SDNY on June 13. Source: PACER
Ripple is asking for a fine of no more than $10 million.
Ripple’s filing mentions that fines in similar cases range from 0.6% to 1.8% of total revenue. They argue that the SEC’s demands in their case go beyond that, even though no institutional buyers have alleged fraud or significant losses.
Ripple’s lawyers argue that, unlike in the Terraform case, institutional buyers did not suffer significant losses.
The SEC has responded to Ripple’s letter regarding the consent judgment for TerraForm Labs.
The SEC is still asking for a $102.6 million settlement.
Terraform Labs and its former CEO Do Kwon have agreed to pay approximately $4.5 billion as a civil settlement following the 2022 TerraUSD and Luna token collapse that resulted in investor losses of approximately $40 billion, according to court documents filed by the U.S. Securities and Exchange Commission (SEC) on Wednesday.
Ripple's legal battle with the SEC began in December 2020.
The SEC accused Ripple of using XRP as an unregistered security.
In July 2023, Judge Analisa Torres ruled that XRP was not a security in a programmatic sale.
The SEC dropped its lawsuit against Ripple's CEO and executive chairman in October 2023.
The trial between Ripple and the SEC, originally scheduled for April, has been adjourned indefinitely.
The court has yet to reschedule the trial.
Brazil's Braza Group is launching a stablecoin pegged to the Brazilian Real on the XRP Ledger to improve cross-border payments. This launch, expected in early 2025, is part of Brazil’s broader push to adopt blockchain and digital assets, including the approval of the first XRP ETF.
AnaisThe SEC is reviewing proposals to allow staking in Ethereum ETFs and has also acknowledged filings for XRP ETFs, opening a public comment period. Institutional interest in Ethereum is growing, and changing regulations under the Trump administration may increase the chances of ETF approvals.
WeatherlyXRP, linked to Ripple, was the biggest loser among the top ten cryptocurrencies on Wednesday after technical issues with the XRP Ledger. The key question: can it recover or will losses continue?
KikyoFalse claims about a US Treasury-linked XRP wallet were spread by influencers, leading to the exposure of a crypto scam. The wallet, initially believed to be tied to major financial institutions, was traced to the Philippines and debunked as fraudulent.
WeatherlyWith the potential TikTok ban, millions of users are migrating to Xiaohongshu, which has quickly gained popularity, especially among content creators. The platform is becoming a new hub for viral trends, memes, and crypto discussions, blending Chinese and Western cultures.
JoyRipple CEO Brad Garlinghouse’s meeting with Donald Trump at Mar-a-Lago signals a strong start to 2025, driven by legal victories and XRP optimism. Ripple CLO Stuart Alderoty also praised the beef bourguignon. With Trump’s ongoing meetings with tech leaders, what’s next on the menu and agenda?
KikyoA recent study found that most crypto advice on TikTok is misleading, with over half of videos promoting risky investments without proper warnings. Many influencers push specific coins, make unrealistic promises, and lack proper qualifications, putting viewers at high financial risk.
WeatherlyRipple’s RLUSD stablecoin has received regulatory approval from the NYDFS, enabling its launch. The approval positions RLUSD to compete with major stablecoins like USDT and USDC, with Ripple planning partnerships and expansion into the DeFi space.
WeatherlyPresident-elect Trump has named former SEC commissioner Paul Atkins to replace Gary Gensler as SEC Chair, a move seen as crypto-friendly. Praised by Trump as a "proven leader" with regulatory expertise, Atkins' appointment has garnered support from the crypto community, including Ripple CEO Brad Garlinghouse. Does this mark a new chapter for crypto regulation, leaving Gensler's contentious policies behind?
CatherineA recent speech by SEC Chairman has left many speculating about his potential resignation from the SEC.
XingChiFTX settles with the CFTC for $12.7 billion, resolving fraud allegations and aiding its reorganization plan.
BerniceSilvergate Capital Corp., the parent of a cryptocurrency-friendly bank, has agreed to pay $63 million to settle charges by U.S. and California regulators over internal management failures and poor disclosures to investors.
JinseFinanceThere has always been a small group of elites in human society who have been tirelessly pursuing the most precious, purest and simple values in human thought: equal rights, privacy and freedom.
JinseFinanceExpert hints at potential end to Ripple-SEC legal battle, citing key indicators and speculation of settlement. Confirmation awaits official statements.
Xu LinThe U.S. SEC ordered Genesis to pay a $21 million civil penalty and impose a permanent injunction to settle charges that it engaged in unregistered offerings and sales of securities through crypto-assets.
JinseFinanceRipple's Singapore arm settles a $15 million legal dispute with GCC Exchange in a confidential agreement. The resolution ends the lawsuit filed in July 2022, with no admission of liability from either party.
Xu LinKuCoin settles a lawsuit with a $22 million agreement and ceases New York operations. Refunds to investors, a fine, and stringent measures mark the resolution amid growing regulatory scrutiny in the crypto space.
BerniceThe SEC accused Quantstamp of offering its QSP tokens as an investment opportunity without registering the ICO as a securities offering. As part of the settlement, Quantstamp has established a "Fair Fund" to compensate investors who were affected by the unregistered ICO. The company will transfer its QSP token holdings to the administrator of the Fair Fund, where the tokens will be permanently disabled or destroyed.
Coinlive According to Marc Fagel, an SEC veteran and former Director, a ruling in the case between the SEC and Ripple might be coming in days.
cryptopotatoAttorney John Deaton has published his predictions for the year 2023 on Twitter.
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