On June 17, the Securities Exchange Commission (SEC) criticized Ripple Labs' latest argument for a lower fine, insisting that the total fine it proposed was nearly $2 billion. This includes $198.20 million in pre-judgment interest, a $876.30 million civil penalty, and another $876.30 million refund. Last month, Ripple tried to seal some of its financial information, but was opposed by the SEC, which argued that the company should disclose the revenue it received through XRP. Last week, Ripple filed a request with New York District Court Judge AnalisaTorres for a fine "not exceeding $10 million," far below the SEC's proposed $876.30 million civil penalty. Ripple cited the SEC's settlement agreement with TerraformLabs as the basis. However, in its response, the SEC stressed that its settlement with Terraform was based on the company going bankrupt, agreeing to a refund and firing the relevant principals, while Ripple did not take similar steps. The SEC said that Ripple's fine should be calculated based on gross profit from its violations, not gross sales. If Terraform's penalty percentage (close to 12%) were applied to Ripple, its fine should be $102.60 million. The SEC believes that such a low fine does not satisfy the purpose of the civil penalty statute. The two sides have been at loggerheads in court since 2020, when the SEC accused Ripple of selling unregistered securities. Judge Torres has confirmed Ripple's violations, but only when sold to institutional investors. For now, the legal battle between the two sides continues.