SEC's $2B Penalty Demand for Ripple 'Unreasonable', Company Argues

IconCryptoNewsTerminal Staff14 Jun, 2024

cryptonews.jpg

SEC's $2B Penalty Demand for Ripple 'Unreasonable', Company Argues

Ripple has filed a new letter with the court citing a settlement between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs. Ripple argues that the SEC's demand of a $2 billion dollar penalty in their own case is unreasonable. "The SEC has agreed to settlements in other cases involving similar, and even more egregious, conduct where the defendants paid penalties ranging from 0.6% to 1.8% of their gross revenues. This includes the Terraform Labs case. Yet, the SEC is seeking penalties against Ripple that are orders of magnitude larger, despite the fact that there have been no allegations of fraud," Ripple explained in a letter to the court. As previously reported by Cointelegraph, Ripple filed a Notice of Supplemental Authority regarding the Terraform Labs settlement.

Related News