Ripple is challenging the SEC’s bias in demanding penalties, pointing to the Terraform case as evidence. During the Money20/20 event, Ripple President Monica Long criticized the SEC’s approach to cryptocurrencies. Renowned XRP attorney Bill Morgan highlighted the SEC’s unjust hostility towards Ripple, leading to an escalation in the legal battle between the two entities. Morgan suggested that the SEC’s pursuit of severe penalties against Ripple may indicate bias, especially when compared to penalties in other crypto-related cases.
In a recent court filing, Ripple referenced the TerraForm Labs case to illustrate this contradiction. The SEC had initially sought $4.47 billion in penalties from TerraForm Labs, with $3.58 billion to be disgorged and $420 million in civil fines. This amount represented about 1.27% of TerraForm’s $33 billion in gross sales, despite significant investor losses and fraudulent activities. On the other hand, the SEC is seeking an $876 million fine in the Ripple case, which is significantly higher compared to penalties in other crypto-related cases that typically range from 0.6% to 1.8% of gross sales. Ripple’s legal team argues that this disproportionate penalty highlights the SEC’s arbitrary and biased enforcement strategy.
Meanwhile, CoinMarketCap data shows that the price of XRP is currently at $0.4776, with a 2.14% decrease in the past 24 hours and an 8.82% bearish trend over the previous week. The ongoing legal uncertainties and tensions surrounding the Ripple-SEC dispute are reflected in the market performance of XRP. Additionally, Ripple’s President Monica Long has publicly criticized the SEC’s stance on the cryptocurrency industry, calling for more favorable conditions for innovation and clearer regulations.
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