Ripple Labs has recently objected to the $2 billion fine requested by the SEC in the ongoing legal battle between the two parties. The company’s lawyers argued that the proposed penalty was disproportionate, citing the Terraform Labs-SEC agreement as an example.
In comparison to the $4.47 million fine requested from Terraform Labs, Ripple’s lawyers claimed that a fair penalty for Ripple should be around $10 million. They pointed out that the SEC has accepted fines ranging from 0.6% to 1.8% of the defendant’s gross income in other cases, making the $2 billion penalty excessive.
As the SEC-Ripple case nears its conclusion, legal experts anticipate a final decision in July, barring any unexpected developments from the SEC. Ripple CEO Brad Garlinghouse shared his updated prediction, suggesting that the lawsuit could be resolved by the end of the summer.
In a recent interview, Garlinghouse addressed the potential impact of XRP being considered a security in the US, stating that it would only affect trading within the country. He emphasized that investors may face restrictions on trading XRP on most crypto platforms in the US if such a decision is made.
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