The US Securities and Exchange Commission (SEC) has reduced the proposed fine for Ripple from $2 billion to $102.6 million, according to a legal document dated June 14, 2024, shared by defense attorney James Filan.
The latest development comes a day after Ripple filed a notice of additional jurisdiction, arguing that the $2 billion penalty requested by the SEC was unreasonable. The company cited the Terraform Labs case and previous SEC settlements as benchmarks for a reasonable fine. Terraform reached a $4.5 billion settlement with the SEC on Thursday.
The legal battle between the SEC and Ripple has been going on since December 2020, when the SEC alleged that XRP, Ripple's affiliated token, is an unregistered security.
Although a judge ruled in July 2023 that XRP was not a security in a programmatic sale and the SEC dropped charges against Ripple executives, the lawsuit against Ripple is still ongoing and a trial date has yet to be determined.
