The ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC) has taken a new turn. The SEC's Chief of Crypto Asset and Cyber Unit, David Hirsh, has resigned as the case enters its trial phase. Hirsh had been with the SEC for nearly a decade and had been rumored to be joining pump.fun, a Solana-based marketplace, but he has denied these claims.

The SEC had initially proposed a $2 billion fine against Ripple, alleging that the company had conducted an unregistered securities offering by selling its XRP token. However, Ripple has argued that the fine should not exceed $10 million, citing the SEC's case against Terraform Labs as a precedent. In that case, Terraform Labs agreed to pay a $420 civil penalty for fraudulent actions. Ripple has also pointed out that there are no direct allegations of fraud in its lawsuit against the SEC.

In response to Ripple's arguments, the SEC has revised its proposed fine to $102.6 million. The regulator has argued that the penalty in the Terraform settlement, when compared to the gross profit of the violative conduct, was significantly higher at 11.7%. Applying this ratio to the $876.3 million in gross profits that the SEC is asking the court to disgorge from Ripple, results in the $102.6 million penalty.

The outcome of the lawsuit could have a significant impact on XRP's price. Some analysts have predicted a bull run if Ripple emerges victorious, but the resolution of the legal battle is still pending. Both parties have submitted the necessary data and have complied with court rules over the past few months, and the case is now awaiting the judge's ruling.

The legal battle between Ripple and the SEC has been ongoing for almost three years, and it has been a significant topic of discussion in the cryptocurrency community. The case has already seen several developments, including a judge's ruling that XRP was not a security when sold on crypto exchanges. However, the SEC has continued to pursue legal action against Ripple, and the case is now in its final stages. The outcome of the lawsuit could have significant implications for the cryptocurrency industry as a whole, and it is being closely watched by investors and industry experts alike.