According to Foresight News, according to documents disclosed by source @RippleXrpie, the U.S. Securities and Exchange Commission (SEC) has responded to Ripple's letter requesting a reduction in the $2 billion fine. The U.S. SEC said that Ripple compared the amount of Terraform's fine with Ripple's "total sales" and believed that the court should impose the same ratio (1.27%) of fines, that is, a cap of $10 million. However, the SEC believes that the ratio should be applied to the $876.3 million in gross profits that the SEC requires the court to return, and the resulting fine figure ($102.6 million) is much higher than the $10 million cap that Ripple insists on. The SEC believes that such a low fine ($10 million) does not meet the purpose of the civil penalty regulations.
