According to Foresight News, Ripple stated in a "Supplemental Authorization Notice" recently released that the economic penalty proposed by the U.S. Securities and Exchange Commission (SEC) is unreasonable. It compared the SEC's proposed $2 billion fine for its sale of XRP to institutional investors with the fine on Terraform Labs, and believed that its fine should be close to $10 million. "In similar cases (or even worse cases), the SEC agreed to civil penalties of 0.6% to 1.8% of the defendant's total revenue, and Terraform fits this model."
Foresight News previously reported that according to Cointelegraph, U.S. District Court Judge Jed Rakoff in New York has approved the $4.47 billion settlement agreement reached between Terraform and the U.S. Securities and Exchange Commission (SEC).
