Ripple Slams SEC for ‘Unreasonable’ Penalties, Cites Terraform Precedent

CoinEdition · 2024-06-14T10:13:06.000Z

Ripple highlights SEC’s inconsistent penalties: 1.27% for TerraForm vs. 20x higher for Ripple without fraud. Ripple’s Notice of Supplemental Authority underscores SEC’s perceived bias and excessive penalty demands. SEC’s treatment of Ripple contrasts sharply with TerraForm’s, emphasizing alleged animus and unfair enforcement. Ripple Labs has accused the Securities and Exchange Commission of pursuing disproportionately harsh penalties against the company compared to other crypto-related cases. In a recent filing, Ripple cited the recent Terraform Labs settlement as evidence of this disparity. #XRPCommunity #SECGov v. #Ripple #XRP @Ripple files Notice of Supplemental Authority regarding TerraForm Labs Consent Judgment. https://t.co/W3vBCeHxSM — James K. Filan 🇺🇸🇮🇪 (@FilanLaw) June 13, 2024 Ripple’s filing emphasizes that in other cases, the SEC has accepted penalties ranging from 0.6% to 1.8% of a defendant’s gross sales. In the Terraform Labs case, where a jury found one of the largest securities frauds in U.S. history, the SEC accepted a penalty amounting to 1.27% of Terra’s gross sales. As further noted by pro-XRP lawyer Bill Morgan, the fraud in question involved two long-running schemes that wiped out $40 billion of investor funds. In contrast, Ripple faces a proposed penalty of $876 million, which it claims is 20x higher than penalties in similar cases. Notably, there are no allegations of fraud against Ripple, and institutional buyers did not suffer any losses. This supplemental authority draws attention to the strange animus that the SEC continues to show towards Ripple.Ripple alleges in its remedies opposition brief that the range of penalties that the SEC accepted in other crypto related cases was between 0.6% and 1.8% of a… https://t.co/Z9qbc24F7R — bill morgan (@Belisarius2020) June 14, 2024 Despite this, the SEC is pushing for an excessively high penalty. Ripple is arguing for a $10 million penalty instead, aligning with the typical range seen in other cases. This discrepancy underscores what Ripple perceives as the SEC’s biased behavior towards the company. The Notice of Supplemental Authority filed by Ripple is a strategic move to emphasize the SEC’s inconsistent enforcement actions. By drawing parallels with the Terraform Labs case, Ripple seeks to highlight the unreasonableness of the penalties being pursued against it. This tactic mirrors the SEC’s own strategies, as seen in their previous references to the Terraform Labs ruling in other cases. Moreover, the SEC’s pursuit of such a high penalty against Ripple stands in contrast to its treatment of other companies. For example, the SEC pushed Terraform Labs to pay $3.6 billion in disgorgement and a $420 million civil penalty, that is just 1.27% of the company’s $33 billion gross sales. Ripple argues that the SEC’s approach in its own case is far from the norm. The post Ripple Slams SEC for ‘Unreasonable’ Penalties, Cites Terraform Precedent appeared first on Coin Edition.

Ripple 凸显了 SEC 不一致的处罚：TerraForm 的处罚为 1.27%，而不存在欺诈行为的 Ripple 的处罚则高出 20 倍。
Ripple 的补充授权通知强调了 SEC 的偏见和过高的罚款要求。
SEC 对 Ripple 的处理与 TerraForm 形成鲜明对比，强调所谓的敌意和不公平的执法。
Ripple Labs 指责美国证券交易委员会对该公司的处罚与其他加密货币相关案件相比过于严厉。在最近的一份文件中，Ripple 引用了 Terraform Labs 最近的和解作为这种差异的证据。
#XRPCommunity#SECGovv.#Ripple#XRP @Ripple 提交有关 TerraForm Labs 同意判决的补充授权通知。https://t.co/W3vBCeHxSM
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) 2024 年 6 月 13 日
Ripple 的文件强调，在其他案件中，SEC 接受了占被告总销售额 0.6% 至 1.8% 的罚款。在 Terraform Labs 案中，陪审团裁定这是美国历史上最大的证券欺诈案之一，SEC 接受了相当于 Terra 总销售额 1.27% 的罚款。
支持 XRP 的律师 Bill Morgan 进一步指出，涉案欺诈案涉及两项长期计划，共卷走 400 亿美元投资者资金。相比之下，Ripple 面临的罚款金额为 8.76 亿美元，该公司声称这比类似案件的罚款金额高出 20 倍。值得注意的是，Ripple 并未受到任何欺诈指控，机构买家也没有遭受任何损失。
这项补充授权提请人们注意 SEC 继续对 Ripple 表现出的奇怪敌意。Ripple 在其补救措施反对意见书中声称，SEC 在其他加密相关案件中接受的处罚范围在 0.6% 到 1.8% 之间......https://t.co/Z9qbc24F7R
— 比尔·摩根（@Belisarius2020） 2024 年 6 月 14 日
尽管如此，SEC 仍要求处以过高的罚款。Ripple 则主张处以 1000 万美元的罚款，这与其他案件的典型范围一致。这种差异凸显了 Ripple 认为 SEC 对该公司的偏见。
Ripple 提交的补充授权通知是一项战略举措，旨在强调 SEC 执法行动的不一致。通过与 Terraform Labs 案件进行比较，Ripple 试图强调对其实施的处罚的不合理性。这一策略反映了 SEC 自己的策略，正如他们之前在其他案件中对 Terraform Labs 裁决的引用一样。
此外，SEC 对 Ripple 处以如此高额罚款的做法与其对待其他公司的做法形成了鲜明对比。例如，SEC 要求 Terraform Labs 支付 36 亿美元的非法所得和 4.2 亿美元的民事罚款，这仅仅是该公司 330 亿美元总销售额的 1.27%。Ripple 辩称，SEC 在其案件中的做法远非常态。
Ripple 抨击 SEC 处罚“不合理”，并引用 Terraform 先例，该文章最先出现在 Coin Edition 上。

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