Ripple Uses Terraform Labs Settlement as Precedent to Lower $1.95B Penalty to $10M
Ripple Labs is using the settlement between the SEC and Terraform Labs as a precedent to argue for a lower penalty against itself. The SEC had initially proposed a $1.95 billion settlement as a penalty from Ripple for the alleged sale of unregistered securities. Ripple is fighting against the proposed fine, stating that it is unreasonable and should be lowered to just $10 million. The price of XRP has continued to decline amid the ongoing legal issue, losing more than 10% in the last eight days.
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