Is the Ripple-SEC Case Definitely Over? Lawyers Say There May Be New Developments, Here Are The Details
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In the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), a federal judge has ruled that Ripple must pay a fine of $125 million.
This decision follows a July 2023 ruling that found Ripple violated federal securities laws by selling XRP directly to institutional clients.
The penalty falls well short of the $2 billion sought by the SEC and brings potential closure to this high-profile case that began in late 2020.
The legal process began when the SEC filed a lawsuit against Ripple in December 2020, accusing the company of selling XRP in violation of securities laws.
After a lengthy legal process, Judge Analisa Torres ruled that Ripple did not violate any regulations by selling XRP to exchanges, which then offered the token to retail customers, despite violating laws regarding direct sales to institutional investors.
The SEC’s attempt to appeal this decision was unsuccessful, and in October, charges were dropped against Ripple CEO Brad Garlinghouse and Chairman Chris Larsen.
Last week’s ruling, which imposed a $125 million fine and an injunction against future violations, was seen as a partial victory by Ripple.
While the fine exceeds the $10 million Ripple had alleged, it is significantly less than the SEC’s initial request.
Ripple Chief Legal Officer Stuart Alderoty called the ruling a vindication of the company’s position and a condemnation of the SEC’s overreach. Alderoty emphasized that the lawsuit does not allege fraud, market manipulation or victimization.
