Ripple has been fined $125 million in the lawsuit against the United States Securities and Exchange Commission. This is just a fraction of what the SEC had previously asked for in the case.
The fine that Judge Analisa Torres settled on is far less than the $1 billion in disgorgement and prejudgment interest and $900 million in civil penalty the SEC sought.
XRP investors have seen this as a positive for the firm and the cryptocurrency, which exploded by more than 20% immediately after the news broke.
“The SEC’s motion for remedies and the entry of final judgment is granted in part and denied in part. […] The Court shall enter a final judgment enjoining Ripple from further violations of the securities laws and imposing a civil penalty of $125,035,150.” – Reads the filing.
Meanwhile, it’s worth noting that back in July 2023, Judge Torres found that the programmatic sales of XRP to retail clients through centralized exchanges did not violate securities laws. However, she did rule that Ripple violated securities regulations through its direct sale of XRP to institutional clients, hence the above statement.
Judge Torres also banned the company from future violations.
The story is developing.
Read the full article here
