CDS Crypto News Ripple Fined $125 Million in SEC Lawsuit, Far Less Than Initial $1 Billion Demand
Crypto News

Ripple Fined $125 Million in SEC Lawsuit, Far Less Than Initial $1 Billion Demand

135
Ripple Fined $125 Million In Sec Lawsuit, Far Less Than Initial $1 Billion Demand

Ripple Fined $125 Million in SEC Lawsuit, Far Less Than Initial $1 Billion Demand

Ripple has been fined $125 million in its legal battle with the United States Securities and Exchange Commission (SEC), a significantly lower amount than what the SEC initially demanded.

Judge Analisa Torres determined the penalty, which is a mere fraction of the $1 billion in disgorgement and prejudgment interest, along with $900 million in civil penalties, that the SEC had originally sought.

XRP investors have largely viewed this outcome as a win for both the company and the cryptocurrency, which saw a surge of over 20% in value shortly after the news was announced.

“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,” the court filing states.

It’s also noteworthy that in July 2023, Judge Torres had previously ruled that Ripple’s programmatic sales of XRP to retail clients via centralized exchanges did not breach securities laws. However, she did find that Ripple had violated securities regulations through direct sales of XRP to institutional clients, leading to the current penalty and restrictions.

Judge Torres has also imposed a ban to prevent any future violations.

Ripple Fined $125 Million In Sec Lawsuit, Far Less Than Initial $1 Billion Demand 227886

Leave a comment

Leave a Reply

Related Articles

Crypto Market Trends: Best Tokens for December 2024

Discover the top cryptocurrencies to watch in December 2024, including EarthMeta, Bitcoin,...

Bitcoin Price: BTC Rebounds After Flash Volatility

Bitcoin bounces back to $97K after political turmoil in South Korea, with...

RLUSD Stablecoin: Ripple’s December 4 Launch Date Announced

Ripple is set to launch its US dollar-backed stablecoin, RLUSD, on December...

Rollblock Crypto Surge: 270% Increase in RBLK Token Amid Solana and PEPE Struggles

Rollblock's RBLK token has surged 270% amid a market downturn for Solana...