US SEC reduces Ripple fine from $2 billion to $102.6 million The US Securities and Exchange Commission (SEC) has reduced the proposed fine for Ripple from $2 billion to $102.6 million , according to a legal document dated June 14, 2024, shared by defense attorney James Filan.

Ripple argued that the SEC has agreed to fines ranging from 0.6% to 1.8% of defendants' revenue in previous cases. The company has proposed to pay $10 million to resolve the dispute. In its new filing, the SEC said the Ripple comparison is flawed and inapplicable. The SEC also explained that Terraform Labs was fined at a lower rate due to the company's bankruptcy and agreed to several relief measures, including the burning of all remaining tokens. According to the SEC, Ripple has not agreed to any such terms.

“Ripple was remiss in not mentioning that the defendant was in bankruptcy – indicating financial insolvency or inability to meet its financial obligations – not only suspending operations but also ceasing operations. permanently, burning all crypto assets, agreeing to return a significant amount of money to investors, and removing two board members in charge at the time of the breach.

The SEC considered all of these factors in agreeing to the settlement and repeatedly cited them as relevant evidence for the court to approve the settlement under applicable law. In fact, Ripple does not agree to any of the elements.”

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