Official court documents and public announcements from Ripple or the SEC

SEC Reduces Initial $2 Billion Penalty Demand for Ripple to $102.6 Million

Jun 17, 2024, 01:59 AM

The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has seen significant developments. Initially, the SEC sought a $2 billion penalty from Ripple for allegedly selling XRP as an unregistered security. However, the court ruled that XRP is not a security, and Ripple has contested the SEC's demands. The SEC has now reduced its penalty demand to $102.6 million, a substantial decrease from the initial amount. On June 13th, Ripple proposed to limit its penalty to $10 million, arguing that there are no victims requiring compensation. The SEC has rejected Ripple's request for a lower penalty, citing insufficient offer compared to the Terraform Labs settlement and maintaining its demand for $876.3 million. Ripple's chief legal officer has countered the SEC's allegations, emphasizing that the company is agreeing to nothing.