The post Ripple v. SEC case update as of June 14, 2024 appeared on BitcoinEthereumNews.com.

As the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) is yet to conclude, the blockchain company has filed another argument against the securities watchdog’s excessive penalty request regarding Ripple’s institutional XRP sales. Specifically, Ripple’s legal team has filed a Notice of Supplemental Authority regarding the Consent Judgment in the SEC’s case against Terraform Labs, according to a recent court document shared by a defense attorney and former federal prosecutor, James K. Filan, in an X post on June 13. Seeking proportional penalty Indeed, the argument points out that the “proposed consent order requires Terraform to pay $3,586,875,883 in disgorgement,” as well as a $420,000,000 civil penalty,” which represents “approximately 1.27% of Defendants’ $33 billion gross sales,” explaining that: “The civil penalty sought by the SEC in Terraform demonstrates the unreasonableness of the civil penalty sought by the SEC in this case. As Ripple’s opposition explained, in comparable (and even more egregious) cases, the SEC has agreed to civil penalties ranging from 0.6% to 1.8% of the defendant’s gross revenues.” On the other hand, the blockchain firm’s lawyers argue that, in the case against Ripple, the “SEC seeks a civil penalty far exceeding that range, even though there are no allegations of fraud in this case and Institutional Buyers did not suffer substantial losses,” adding that: “Terraform thus confirms that the Court should reject the SEC’s disproportionate and unprecedented request and that an appropriate civil penalty would be no more than $10 million.” Terraform v. SEC As a reminder, the regulator has recently sought approval for a final consent judgment in its case against Terraform Labs after a jury verdict found the company and its former CEO, Do Kwon, liable “for intentionally and recklessly orchestrating one of the largest securities frauds in US history.” They…

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Filed under: News - @ June 14, 2024 8:18 am