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SEC responds to Ripple's request to reduce penalties in its regulatory fight. While Ripple has been experiencing ongoing legal problems with the SEC since 2020, it last argued in the New York district court on June 13 that the penalties were disproportionate, comparing them with the penalties imposed on Terraform Labs against the $ 2 billion penalty proposed by the SEC for sales to institutional investors.
Ripple's Request for Lower Penalties Compared to Terraform
Claiming that the penalties recommended by the SEC were disproportionate compared to Terraform Labs, Ripple cited the example of Terraform and the SEC reaching a $4.47 billion settlement. The settlement included terms banning Terraform co-founder Do Kwon from holding positions at public companies and limiting his involvement in transactions involving crypto asset securities.
SEC's Argument: Differences Between Cases
SEC lawyers noted that the Ripple case differs greatly from the Terraform case. While asking the court to tie the penalty in this case to the Terraform settlement, he argued that Ripple did not make corporate corrections like in Terraform. The SEC emphasized that Ripple did not accept these corrections and was not willing to make any compromise.
Legal and Financial Implications for Ripple
Ripple requested lower penalties, arguing that the penalties should be commensurate with Terraform Labs. However, the SEC argued that the penalty should be determined based on Ripple's gross revenue, resulting in a much higher amount than Ripple's proposed penalty.
Stuart Alderoty, Ripple's chief legal officer, emphasized that the SEC has stated that XRP is not a security and there are no victims to be repaid. Alderoty stated that the $2 billion penalty proposed by the SEC was ridiculous and that it was a positive development that it was reduced.
Ripple is accused of making $1.3 billion in profits from XRP sales, which the SEC accuses of issuing unregistered securities. While a court ruling last year stated that some of Ripple's XRP transactions did not violate security laws, it found that sales to institutional investors could be considered securities.
While Ripple continues to fight for reduced fines, the outcome of this case has significance for cryptocurrency regulations in the United States and could have an impact on the management of crypto assets in the future.
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