Stuart Alderoty, Ripple's top lawyer, has strongly criticized the U.S. Securities and Exchange Commission (SEC) in response to its recent legal actions, describing the agency as "raging." Alderoty's comments come after the SEC filed documents indicating its continued pursuit of Ripple in the ongoing legal battle.

Alderoty asserted that there are no victims in need of compensation, emphasizing that Ripple is currently "thriving." He also noted that the SEC has dropped its demand for $2 billion in fines and penalties against Ripple. This development marks a significant shift in the SEC's stance since the case began.

Last week, Ripple referenced the Terraform Labs case in a notice of supplemental authority to support its opposition to the SEC's motion for remedies and final judgment. Terraform Labs agreed to pay $4.47 billion to settle its lawsuit with the SEC, which originally sought a $5.3 billion fine against the company co-founded by controversial cryptocurrency entrepreneur Do Kwon.

Alderoty highlighted the distinction between Ripple and Terraform Labs, pointing out that Ripple has faced no allegations of fraud. Consequently, Ripple argues that the SEC's demands are both unreasonable and unprecedented. Previously, Ripple suggested that its civil penalty should be limited to $10 million, a fraction of the amount originally sought by the SEC. However, the SEC maintains that such a minimal penalty "would not satisfy the purposes of the civil penalty statutes."

The SEC contends that the comparison to Terraform Labs is invalid because Terraform is currently in bankruptcy. Additionally, Terraform agreed to specific conditions as part of its settlement, including burning the keys to all its crypto asset securities and removing two board members who were in charge during the violations. The SEC emphasized these factors in its agreement to the settlement, citing them as crucial for court approval under applicable law.

As Ripple continues to challenge the SEC's actions, the outcome of this high-profile case remains uncertain, but it undoubtedly carries significant implications for the broader cryptocurrency industry.