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.
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