Crypto News

and a civil penalty of $1.5 million for alleged violations of securities laws. Support from Ripple Labs Ripple Labs, the company behind the popular cryptocurrency XRP, has expressed its support for Terraform Labs in its ongoing legal battle with the SEC. In a recent tweet, Ripple stated that the proposed settlement penalty of $3.58 billion is completely unreasonable and disproportionate to any alleged wrongdoing. The company further added that this excessive penalty would set a dangerous precedent for the entire cryptocurrency industry, causing uncertainty and hindering innovation. Rejecting the SEC's Request In its response to the SEC's request, Terraform Labs argued that the penalty amount is unjustified and would have a severe impact on their business and the wider crypto community. The company also stated that they have always operated in good faith and complied with all relevant regulations. Rejecting the SEC's request, Terraform Labs and its founder have vowed ...