Ripple Opposes SEC Proposed Fine, Compares to Terraform Case

Bittime - Ripple Labs has been locked in a legal battle with the United States Securities and Exchange Commission ( SEC ) for several years. The dispute centers on whether XRP, Ripple's digital token, is a security.

SEC Proposes Huge Fine

The SEC alleged that Ripple's sale of XRP to institutional investors constituted an unregistered securities offering. As a result, the regulator proposed a $2 billion fine.

In an effort to challenge the proposed fine, Ripple lawyers recently filed a “Notice of Additional Authority.” This document argues that the SEC's proposed penalties are unreasonable.

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Compare Terraform Case, Ripple Wants Low Fines

Ripple compared the SEC's proposed fine to a recent settlement involving Terraform Labs. Terraform, the company behind the algorithmic stablecoin TerraUSD (UST), agreed to pay a $4.47 billion fine to settle charges related to its collapse.

Ripple argued that their fine should be much lower, closer to $10 million. Their lawyers pointed to the Terraform settlement as evidence of the SEC's willingness to accept smaller fines in similar cases.

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Focus on SEC Penalty History

The document further highlights that in previous cases involving unregistered securities offerings, the SEC typically imposed fines ranging from 0.6% to 1.8% of the defendant's gross proceeds. 

Ripple argues that the Terraform settlement is in line with this historical pattern, indicating that the proposed $2 billion fine for Ripple is excessive.

Conclusion

Whether Ripple's arguments will convince the court remains to be seen. The outcome of this case could have significant implications for the broader cryptocurrency industry, as it could help clarify the regulatory landscape around digital assets.

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Also read:

Ripple vs SEC: XRP Community Defends Ripple from Regulator Attacks 

Terraform Labs Will Be Disbanded, Handing Over Control of Terra to the Post Community!

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

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