Ripple's SEC fine of $2 billion is too much! Citing the Terraform settlement case, I think a fine of 10 million is just right.

This site (120btC.coM): The block reported that Ripple Labs, which has been fighting the US Securities and Exchange Commission (SEC) lawsuit for a long time, requested punishment from the SEC in court documents on Thursday. expressed strong opposition to the US$2 billion fine, and cited the verdict of the Terraform settlement case on Wednesday, believing that the fine should not exceed US$10 million as the most reasonable.

Ripple Labs cited Terraform’s $4.5 billion settlement

According to the “notice of supplemental authority” submitted by Ripple Labs yesterday (13), the company will submit the SEC’s 20 The $4.5 billion fine was compared to the $4.5 billion fine against Terraform Labs, and objections were raised.

#The SEC’s request for and final civil penalty in the Terraform case shows that the SEC’s civil penalty against Ripple is quite unreasonable.

The document states that even though Terraform Labs and its CEO Do Kwon caused more than $40 billion in financial losses to global investors, they only faced a civil penalty of approximately $4.5 billion.

Previously, lawyers Terraform and Do Kwon also bargained for the US$5.3 billion civil penalty proposed by the SEC, saying that the maximum penalty should be US$1 million.

Ripple’s batch of fines is unfounded: a fine of 10 million is almost the same

In this regard, Ripple’s lawyer said: In similar cases, SEC fines are usually 0.6% of the defendant’s total income to 1.8%. Based on the SEC’s accusation that Ripple raised $1.3 billion in revenue by selling XRP, we recommend imposing a more reasonable fine on Ripple, up to $10 million.

At the same time, the lawyer also mentioned that Terraform and its founder Do Kwon were involved in civil fraud; while Ripple had no fraud-related charges, and institutional investors did not suffer any losses: In this regard, the court should reject the SEC Disproportionate and unfounded demands.

This statement was also agreed by legal expert Bill Morgan, who believed that the SEC’s request for sanctions this time was untenable: yesterday’s supplementary authorization once again made people aware of the SEC’s long-standing strange hostility towards Ripple. .

SEC’s feud with Ripple

As the lawsuit between the SEC and Ripple has entered its fourth year, the SEC has submitted its final defense in the remediation stage of the lawsuit last month, which may be In September this year, a precedent was set for the treatment of cryptocurrencies under U.S. securities laws.

However, even after years of litigation, Ripple continues to develop new products and expand its business scope, including the acquisition of digital asset custodian Standard Custody and the launch of a new stable currency $RLUSD.

The above is the detailed content of Ripple's SEC fine of $2 billion is too much! Citing the Terraform settlement case, I think a fine of 10 million is just right.. For more information, please follow other related articles on the PHP Chinese website!