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XRP up 20% as Judge fines Ripple $125M, concluding four-year SEC dispute
Judge orders Ripple to pay $125 million civil fines.
The Judge also barred Ripple from violating securities laws.
Despite a market collapse, XRP rose 20% following the verdict.
Judge Analisa Torres ordered Ripple Labs to pay $125 million in civil fines and forbid future securities law breaches in a Wednesday filing.
In July 2023, Judge Torres found that only XRP's selling to institutions breached securities regulations but was lawful on crypto exchanges.
The SEC's move for remedies and final judgment is partially granted and partially denied. The petition indicated that the Court will enjoin Ripple from additional securities law breaches and impose a $125,035,150 civil penalty.
Ripple advocated for a $10 million fine instead than the SEC's $2 billion.
The verdict may conclude the SEC's November 2020 lawsuit against Ripple Labs. The regulator accused the business of unlicensed securities sales after it raised $1.3 billion selling XRP tokens.
Crypto community members are speculating if the SEC would appeal the order as Ripple's payment is far from its $1 billion disgorgement, prejudgment interest, and $900 million civil penalty request.
Ripple barred from securities violations
Judge Torres also barred Ripple from breaking securities laws because the business might "cross the line."
"Rather, the Court finds that Ripple's willingness to push the boundaries of the Order evinces a likelihood that it will eventually (if it has not already) cross the line," he stated. "On balance, the Court finds that there is a reasonable probability of future violations, meriting the issuance of an injunction," she said.
Ripple CEO Brad Garlinghouse celebrated the result on X, calling it a success for Ripple, the crypto sector, and the law.
XRP's price rose 20% after the filing despite large drops in many key cryptocurrencies.
#xrp #xrp🔥 $XRP
Judge orders Ripple to pay $125 million civil fines.
The Judge also barred Ripple from violating securities laws.
Despite a market collapse, XRP rose 20% following the verdict.
Judge Analisa Torres ordered Ripple Labs to pay $125 million in civil fines and forbid future securities law breaches in a Wednesday filing.
In July 2023, Judge Torres found that only XRP's selling to institutions breached securities regulations but was lawful on crypto exchanges.
The SEC's move for remedies and final judgment is partially granted and partially denied. The petition indicated that the Court will enjoin Ripple from additional securities law breaches and impose a $125,035,150 civil penalty.
Ripple advocated for a $10 million fine instead than the SEC's $2 billion.
The verdict may conclude the SEC's November 2020 lawsuit against Ripple Labs. The regulator accused the business of unlicensed securities sales after it raised $1.3 billion selling XRP tokens.
Crypto community members are speculating if the SEC would appeal the order as Ripple's payment is far from its $1 billion disgorgement, prejudgment interest, and $900 million civil penalty request.
Ripple barred from securities violations
Judge Torres also barred Ripple from breaking securities laws because the business might "cross the line."
"Rather, the Court finds that Ripple's willingness to push the boundaries of the Order evinces a likelihood that it will eventually (if it has not already) cross the line," he stated. "On balance, the Court finds that there is a reasonable probability of future violations, meriting the issuance of an injunction," she said.
Ripple CEO Brad Garlinghouse celebrated the result on X, calling it a success for Ripple, the crypto sector, and the law.
XRP's price rose 20% after the filing despite large drops in many key cryptocurrencies.
#xrp #xrp🔥 $XRP
