The SEC made a significant reduction in the $2 billion fine it requested from Ripple.

The US Securities and Exchange Commission (#SEC ) reduced the settlement fee proposed for Ripple from $2 billion to $102 million.

This step came after Ripple requested that the requested penalty be reduced. #Ripple argued that the SEC had accepted penalties of between 0.6 percent and 1.8 percent of the defendant's income in previous cases, and therefore offered to pay $10 million. The SEC stated that this comparison made by Ripple was flawed and not applicable. The agency cited the fact that Terraform Labs was penalized with a lower percentage because the company was in bankruptcy and had accepted various measures, including burning all its remaining tokens. The SEC claimed that Ripple rejected these terms.

#Ripple CEO Brad Garlinghouse (pictured) has not yet commented on the SEC's reduction of the penalty. Stuart Alderoty, the company's general counsel, said: "The SEC seems to have given up on its ridiculous $2 billion demand." said.

The SEC filed a lawsuit against Ripple in December 2020, claiming that XRP was an unregistered investment contract and its sale was illegal. The lawsuit was filed against both Ripple as a company and the two top executives, Chris Larsen and Brad Garlinghouse. In July 2023, the court ruled that the sale of XRP on stock exchanges did not qualify as an investment contract. However, it counted corporate sales within the scope of the investment agreement.
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