The ongoing legal battle between blockchain giant Ripple and the U.S. Securities and Exchange Commission (SEC) has taken a new turn as Ripple invokes the precedent set by the SEC v. Terraform case. In December 2020, the SEC accused Ripple of using its digital asset, XRP, as an unregistered security to raise funds. Ripple is now arguing for a smaller civil penalty based on the outcome of the Terraform case.