The SEC is seeking approximately $2 billion in penalties from Ripple. However, Ripple argues that it should only be liable for penalties amounting to no more than $10 million.
Ripple's lawyers pointed out that in similar cases, the SEC has accepted civil penalties ranging from 0.6% to 1.8% of the defendant's gross revenues, including more severe instances. They emphasized that Terraform follows this precedent. In contrast, the SEC is pursuing a civil penalty well beyond this range, despite the absence of fraud allegations in this case and negligible losses to Institutional Buyers.
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