The United States Securities and Exchange Commission (SEC) has rejected Ripple Labs' latest appeal to reduce its fines, insisting on a total penalty of approximately $2 billion. This amount includes pre-judgment interest, civil penalties, and refund amounts. Ripple had attempted to seal part of its financial information, but the SEC opposed this, believing the company should disclose its revenue from XRP sales.

Ripple had proposed a fine of no more than $10 million, citing the SEC's settlement agreement with Terraform Labs as a basis. However, the SEC argued that its settlement with Terraform was based on the company's bankruptcy, agreement to refund, and dismissal of responsible persons, measures that Ripple has not taken. The SEC believes that Ripple's fine should be calculated based on the gross profit of its violations, not total sales.

The SEC emphasized that applying the penalty ratio from the Terraform case to Ripple would result in a fine of $102.6 million, which is insufficient to meet the purpose of civil penalty regulations. The legal battle between the SEC and Ripple continues, with Judge Analisa Torres having confirmed Ripple's illegal behavior in selling to institutional investors.

The SEC's rejection of Ripple's appeal highlights the regulator's commitment to enforcing securities laws and holding companies accountable for their actions. The case has significant implications for the cryptocurrency industry, as it sets a precedent for the regulation of digital assets.

In conclusion, the SEC's insistence on a nearly $2 billion penalty for Ripple Labs demonstrates the regulator's resolve in enforcing securities laws and protecting investors. The ongoing legal battle between the SEC and Ripple will continue to shape the regulatory landscape for cryptocurrencies.