Lawyers for Ripple Labs are looking to leverage fines recently lodged against Terraform in an effort to pay a lower penalty in its case with the U.S. Securities and Exchange Commission.

Ripple, which has been in a lengthy legal battle with the SEC over the last few years, said financial penalties proposed by the agency were unreasonable, in a "notice of supplemental authority," posted on Thursday. The company compared the SEC's proposed $2 billion fine for selling XRP to institutional investors to fines against Terraform Labs. Ripple has argued its fine should be closer to $10 million.

Terraform agreed to pay $4.47 billion in fines on Wednesday and later on Thursday, a judge signed off on the settlement.

"The civil penalty sought by the SEC in Terraform demonstrates the …