Golden Finance reported that lawyers for Ripple Labs tried to use the recent fine against Terraform Labs in an effort to pay a lower fine in its case with the U.S. Securities and Exchange Commission (SEC). Ripple, which has been engaged in a lengthy legal battle with the SEC over the past few years, said in a "Supplemental Authority Notice" on Thursday that the financial fine proposed by the regulator was unreasonable. The company compared the SEC's proposed $2 billion fine for its sale of XRP to institutional investors with the fine against Terraform Labs. Ripple believes that its fine should be closer to $10 million. On Wednesday, Terraform agreed to pay a $4.47 billion fine, and a judge approved the settlement late Thursday. "The civil penalty sought by the SEC in the Terraform case demonstrates the unreasonableness of the civil penalty sought in this case," said Ripple's lawyers. "As Ripple's objection explains, in similar (or even more serious) cases, the civil penalties agreed to by the SEC range from 0.6% to 1.8% of the defendant's gross revenue. Terraform fits this pattern."
