The SEC has proposed a $102.6 million settlement with Ripple over the XRP lawsuit.
Ripple criticizes the SEC for demanding unreasonably high penalties compared to the TerraForm Labs case.
The SEC’s motion to dismiss its case against Ripple executives was rejected by Judge Torres.
In a significant development, the Securities and Exchange Commission (SEC) has issued a response to Ripple’s recent letter concerning the TerraForm Labs Consent Judgment. The SEC’s reply requests a substantial settlement amount of $102.6 million, hinting at a possible resolution in the protracted legal tussle over XRP’s status.
BREAKING: The SEC has responded to @Ripple's letter regarding the TerraForm Labs Consent Judgment!It seems like the SEC is asking for a $102.6 million settlement. #XRP SETTLEMENT INCOMING! pic.twitter.com/NJFZHzuWty
— JackTheRippler © (@RippleXrpie) June 15, 2024
Ripple has been vocal in criticizing the SEC for what it perceives as disproportionate penalties. The blockchain company points to the TerraForm Labs case, where the SEC imposed a fine that was merely 1.27% of the total involved.
The ongoing dispute took a turn in October 2023 when the SEC sought to withdraw its lawsuit against Ripple executives Brad Garlinghouse and Chris Larsen. This move was interpreted as an opening for remedy discussions between the regulatory body and Ripple. However, Judge Torres later dismissed this motion by the SEC.
Ripple Accuse SEC of Biasness
Ripple’s stance is clear as it underscores the SEC’s alleged bias and excessive penalty demands through its Notice of Supplemental Authority. The company draws attention to the stark difference in treatment between its case and that of TerraForm Labs, emphasizing what it considers to be an unfair enforcement approach by the SEC.
The SEC had previously charged TerraForm Labs and Do Hyeong Kwon with conducting a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin among other crypto asset securities.
This latest response from the SEC could pave the way for a settlement that might finally bring an end to the longstanding legal battle, providing clarity on XRP’s regulatory status and potentially setting a precedent for future crypto asset securities cases.
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