SEC Denies Ripple's Request to Reduce Fines in XRP Lawsuit

Bittime -The ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission ( SEC ) continues to heat up. The SEC has rejected Ripple's latest attempt to reduce the huge fine proposed against them.

Ripple Efforts for Lower Fines

Last week, Ripple requested a much lower fine of “no more than $10 million” from Judge Analisa Torres in New York District Court. This is in stark contrast to the SEC's proposed fine of nearly $2 billion, which includes pre-judgment interest, civil penalties, and mandatory refunds.

In their argument, Ripple cited the SEC's settlement agreement with Terraform Labs, the company behind the Luna cryptocurrency, as a precedent for a lower fine.

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SEC Rejects Comparison to Terraform Labs

However, the SEC remained firm in its stance. Their responses highlight key differences between the two cases. The SEC argued that their settlement with Terraform Labs was significantly impacted by the company's bankruptcy filing, agreement to issue refunds, and the firing of the individuals involved. Ripple, on the other hand, has not taken any action.

SEC Proposes Adjusted Fines

Despite rejecting Ripple's request for a $10 million fine, the SEC did propose an alternative calculation method. They suggested calculating the fine based on Ripple's gross profit from the alleged violation, not gross sales. 

Using this method and a penalty ratio similar to the Terraform settlement (approximately 12%), the SEC arrived at a revised fine of $102.6 million.

However, the SEC believes that even this adjusted amount does not adequately meet the goals of the civil fine statute.

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Legal Battle Continues

The SEC initially accused Ripple of selling unregistered securities in December 2020. Since then, the two parties have been locked in a legal battle. Judge Torres has recognized some XRP sales as infringing, but only in cases involving institutional investors. To this day, the legal dispute between the SEC and Ripple remains unresolved.

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Also read:

Ripple Opposes SEC Proposed Fine, Compares to Terraform Case

SEC vs Ripple: Here's What You Need to Know!

Terraform Agrees to Pay $4.47 Billion in Proposed Judgment with SEC

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