Odaily Planet Daily News: The U.S. SEC has refuted Ripple Labs' recent claim to reduce the fine. Last week, Ripple again asked New York District Court Judge Analisa Torres on June 13 to impose a fine of "no more than $10 million", which is much lower than the $876.3 million civil penalty proposed by the SEC. In a letter to Judge Torres on June 14, the SEC argued that its $4.5 billion settlement with Terraform and its co-founder Do Kwon - including a $420 million civil penalty - was reached when the company went bankrupt, agreed to return funds to investors and fired executives "responsible for the violations at the time." The SEC said that Ripple believes that Terraform's $420 million civil penalty is about 1.27% of its "$33 billion in total sales", but the two are not comparable, adding that it measures Terraform's fine based on "gross profits from violations" and estimates that the fine is more than $3.5 billion, a ratio close to 12%. It also believes that if Ripple requests the same ratio, its civil penalty will reach $102.6 million, and "such a low penalty does not meet the purpose of the civil penalty statute." It is reported that the total fine imposed by the SEC on Ripple is nearly $2 billion, including $188.2 million in prejudgment interest, $876.3 million in civil penalties, and $876.3 million in disgorgement. (Cointelegraph)