The post SEC vs Ripple Wraps Up For $125M, Dodging Billion-Dollar Penalty appeared on BitcoinEthereumNews.com.

A federal court has concluded the landmark legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) with a $125 million penalty against the former.  Federal Court’s Final Ruling After a four-year legal battle, the Ripple vs. SEC case has finally concluded, with federal judge Annalise Torres imposing a $125 million fine on the crypto firm. In an Aug. 7 filing in the US District Court for the Southern District of New York, Judge Analisa Torres found Ripple liable for $125 million, instead of the SEC’s demands of $2 billion, which it was expected to pay to the SEC within 30 days.  According to court filings, the final ruling stated,  “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.”  Injunction and Future Violations Judge Torres has also prohibited Ripple from future violations of US securities laws. While Ripple’s sales post-SEC complaint may not have violated federal law, Judge Torres noted,  “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.”  This injunction reflects concerns about potential future infractions by Ripple.  Background and Legal Context The ruling follows a July 2023 decision by Judge Torres, which found that Ripple’s sale of XRP to institutions violated securities laws, but sales to the public via crypto exchanges did not. This distinction was pivotal in shaping the final judgment. The SEC had initially sought a $2 billion penalty, whereas Ripple advocated for a significantly lower amount of around $10 million. Case Timeline The four-year-long case against Ripple began in November 2020,…

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Filed under: News - @ August 9, 2024 2:14 am