A new update in the ongoing lawsuit between Ripple and the SEC
The ongoing case between Ripple and the US Securities and Exchange Commission (SEC) has reached the so-called “trial phase.”
Although this stage is essential for resolving the lawsuit, there are no clear indications about when it will actually end.
The current status of the lawsuit between Ripple and the SEC:
One notable development in the past few weeks is the SEC reducing its request for a fine from $2 billion to $102.6 million.
The Authority explained at that time in its statement as follows:
Ripple avoids comparing the TERRAFORM settlement penalty to the overall profit of the infringing conduct.
This ratio ($420 million/$3.587 billion) is much higher than what Ripple expects.
Applying that to total profits of $876.3 million, the SEC here is asking the court to impose a fine of $102.6 million, compared to the $10 million cap that Ripple insists on.
Ripple's legal team demanded a lesser penalty not to exceed $10 million.
In another development related to the context of the case, David Hirsch, head of the Crypto and Cyber Assets Division at the Securities and Exchange Commission, resigned from his position.
Ripple is also facing other legal challenges in California, where CEO Brad Garlinghouse is accused in a civil lawsuit.
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