Crypto News

SEC Pursues Reduced Penalty from Ripple The U.S. Securities and Exchange Commission (SEC) is cracking down on cryptocurrency companies, and Ripple is one of its top targets. The SEC filed a lawsuit against Ripple in December 2020, alleging that the company's sale of XRP tokens was an unregistered securities offering. The SEC initially sought a penalty of nearly $2 billion, but Ripple has recently proposed a $10 million settlement. This dramatic reduction in the penalty amount has caught the attention of the crypto community and has sparked discussions about the SEC's approach to regulating the industry. Ripple Cites Terraform Labs Settlement Ripple's proposed $10 million penalty is based on the recent settlement reached by Terraform Labs with the SEC. Terraform Labs, the company behind the popular Terra (LUNA) cryptocurrency, was also sued by the SEC for an unregistered securities offering. However, Terraform Labs settled with the SEC for a penalty of only $250,000...