According to ChainCatcher, 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 US SEC said that Ripple compared the amount of Terraform's fine with Ripple's "total sales" and believed that the court should impose a fine of the same ratio (1.27%), which is a cap of $10 million. However, the SEC believes that this ratio should be applied to the $876.3 million in gross profit that the SEC requires the court to return, and the resulting fine (US$102.6 million) is much higher than the $10 million cap that Ripple insists on. The SEC believes that such a low fine (US$10 million) does not meet the purpose of the civil penalty regulations.
