XRP Case: Ripple Strikes Back at SEC Using TerraForm Labs Ruling

XRP Case: Ripple Strikes Back at SEC Using TerraForm Labs Ruling

In a new twist in the current legal dispute between Vibe and the SEC, the crypto company has invoked TerraForm Labs’ recent consent ruling to challenge the regulator’s demands.

In a new twist in the current legal dispute between Vibe and the SEC, the crypto company has invoked TerraForm Labs’ recent consent ruling to challenge the regulator’s demands.

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Therefore, the company filed a Notice of Supplemental Authority, drawing parallels between its case and the SEC’s actions against TerraForm Labs, the company behind the infamous Luna coin.

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As learned yesterday, the SEC’s case against Terra resulted in a major settlement approved by the New York District Court. The company was ordered to pay an epic $4.47 billion fine for orchestrating “one of the largest securities frauds” in U.S. history. Its former CEO, Do Kwon, must also repay more than $204 million.

In total, TerraForm Labs was found guilty of inflating transaction data and manipulating token prices, resulting in the loss of over $40 billion in investor funds.

The Ripple argument

Ripple’s legal team is using this recent ruling to argue against the $2 billion fine sought by the SEC for institutional sales of XRP. The company maintains that the sanction requested by the regulator in its case is disproportionately high compared to sanctions in similar or even more severe cases.

Ripple notes that the SEC’s $420 million civil fine against TerraForm Labs represented about 1.27% of the company’s $33 billion in gross sales. By contrast, the SEC is seeking a penalty significantly higher than this percentage in the “XRP case,” even though there are no allegations of fraud or substantial losses suffered by institutional buyers.

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Ripple claims the regulator’s request is unprecedented and unreasonable, suggesting that an appropriate civil penalty would be no more than $10 million. By highlighting the TerraForm Labs ruling, Ripple aims to demonstrate the inconsistency in the approach to sanctions and seeks a fairer resolution.

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