Bitrabo Editorial
Ripple Labs Inc. has filed a new notice of supplemental authority to address the pending motion for remedies and final judgment in its legal battle with the US Securities and Exchange Commission (SEC). The filing, dated June 13, 2024, aims to change the court’s perspective on the matter.
Comparison with SEC vs. Terraform Case
Ripple’s legal team makes a comparative analysis between its case and a similar case involving Terraform Labs. They highlight the SEC’s actions against Terraform Labs Pte. Ltd., where substantial penalties were imposed for securities fraud. In contrast, Ripple argues that their case lacks allegations of fraud.
Referencing the significant penalties imposed on Terraform, Ripple challenges the proportionality of the penalties sought by the SEC in their case. They argue that the SEC’s demands are disproportionately high, especially considering the lack of proven financial harm to institutional investors in Ripple’s case.
Ripple’s filing questions the fairness of the SEC’s penalties and aims to negotiate a more reasonable outcome by highlighting the disparities in treatment. The legal team proposes a civil penalty cap of $10 million, contrasting with the SEC’s proposed $2 billion fine for Ripple’s actions involving XRP sales to institutional investors.
Currently, XRP is trading at $0.47967.