PANews reported on August 8 that according to CoinDesk, Analisa Torres, a district judge in the Southern District of New York, ruled that Ripple's 1,278 institutional sales transactions violated securities laws, and therefore fined it $125 million, which is far lower than the US SEC's request to recover $1 billion in illegal gains and pre-judgment interest and $900 million in civil penalties. Judge Torres reiterated her view that Ripple's sale of XRP to retail customers through exchanges does not violate federal securities laws. But she prohibited Ripple from violating federal securities laws in the future and issued an injunction document requiring Ripple to file a registration statement if it plans to sell any securities. Last July, the judge ruled that Ripple's direct sale of XRP to institutional customers violated federal securities laws, but the programmatic sale of XRP to retail investors through exchanges did not violate any securities laws. During the trial of the case, the SEC tried to appeal this part of the ruling, but failed.