The U.S. Securities and Exchange Commission rebutted Ripple's push for lower fines in its case against the regulator and said circumstances were different when it set penalties for Terraform last week. 

Ripple, which has been in a legal battle with the SEC since 2020, compared the regulator's proposed $2 billion fine for selling XRP to institutional investors to fines against Terraform Labs in a "notice of supplemental authority" filed to a New York district court on June 13. 

Later, on June 14, the SEC argued that Terraform and Ripple have different circumstances. 

"In asking the Court to tether its penalty determination in this case to the settlement in Terraform, Ripple fails to note that the corporate defendant there is in bankruptcy, going 'out of business for …