According to a legal document dated June 14, 2024, shared by defense lawyer James Filan, the US Securities and Exchange Commission (SEC) has revised its proposed settlement amount for Ripple, reducing it from $2 billion to $102.6 million.

This adjustment follows Ripple's filing of a notice of supplemental authority, challenging the SEC's initial request for a $2 billion penalty as excessive. Ripple referenced previous SEC settlements, including Terraform Labs' recent $4.4 million settlement, arguing that penalties typically ranged from 0.6% to 1.8% of a defendant's revenue. In contrast, Ripple proposed a $10 million settlement to resolve the dispute.

In response, the SEC countered that Terraform Labs' circumstances, which included bankruptcy and significant relief measures, justified a lower penalty percentage. The SEC emphasized that Ripple had not agreed to similar terms, highlighting differences in the cases.

Ultimately, the SEC asserted its intention to settle with Ripple for $102.6 million, a substantially reduced amount compared to earlier discussions but still considered necessary to deter future misconduct. This development marks a continuation of the ongoing legal dispute between the SEC and Ripple, which began in December 2020 over allegations regarding XRP's status as an unregistered security.