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U.S. SEC Rejects Ripple's Bid for Lower Penalty amidst Legal Battle

The Securities and Exchange Commission (SEC) has rejected Ripple Labs' plea for a reduced penalty in their ongoing legal battle. The regulatory body has stated that any proposed decrease in penalty would be inadequate and should not be compared to the settlement reached with Terraform Labs. On June 13, Ripple appealed to Judge Analisa Torres for a maximum penalty of $10 million, a stark contrast to the SEC's proposed $876.3 million civil penalty. Ripple cited the SEC's previous settlement with Terraform Labs as a precedent for their request.