Ripple Gets Epic Slap From SEC In Latest Terraform Labs Appointment

Ripple Gets Epic Slap From SEC In Latest Terraform Labs Appointment

The ongoing legal dispute between Ripple Labs and the United States Securities and Exchange Commission (SEC) took a new turn, with the regulator presentation your response to the blockchain payments company. Recall that Ripple had previously accused the SEC of demanding unreasonable settlement fees, which was evident in the Terraform Labs case.

The ongoing legal dispute between Ripple Labs and the United States Securities and Exchange Commission (SEC) took a new turn, with the regulator presentation your response to the blockchain payments company. Recall that Ripple had previously accused the SEC of demanding unreasonable settlement fees, which was evident in the Terraform Labs case.

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The SEC’s response to Ripple Labs

Ripple previously postulated that given the material losses users faced in the collapse of the Terraform ecosystem token, its fine was minor compared to what the SEC asked it to pay in a case where no users suffered any loss.

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The SEC is asking the court to approve a $2 billion settlement in consideration of the securities law violation committed when Ripple sold XRP to institutional investors. Ripple opposes the proposed fine and notes that he should not pay more than $10 million.

In the SEC’s latest response to Ripple Labs, the regulator argued that its charges are generally agreed on a case-by-case basis. While the average settlement rate of sales proceeds is 1.27%, the SEC said Terraform’s charges are lower because it took other important factors into consideration.

On the one hand, the regulator said it considered Terraform Labs to be bankrupt and does not have enough liquidity to pay a higher fine. The SEC also noted that while Terraform Labs agreed to stop the actions that led to the violations, Ripple Labs continued the same actions that prompted the lawsuit in the first place.

Undetermined remedy decision

While the supplemental authority notice filed by Ripple Labs is a way to add more evidence, the court is still expected to make a decision on the appropriate remedy.

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During the waiting period, Ripple Labs continued to expand its business with a stablecoin upgrade and a partnership with Archax. Overall, when the decision is handed down, it could have a significant influence on other SEC-related cases that could require a settlement.

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