SEC Reacts to Court Ruling in Ripple-XRP Case
The U.S. Securities and Exchange Commission has weighed in on Judge Analisa Torres’ ruling in Ripple’s XRP case, highlighting the crypto company’s significant financial penalties and ongoing securities law violations.
The U.S. Securities and Exchange Commission has weighed in on Judge Analisa Torres’ ruling in Ripple’s XRP case, highlighting the crypto company’s significant financial penalties and ongoing securities law violations. While Ripple celebrated a 94% reduction in its fine, the regulator emphasized that the court had found Ripple to be violating securities laws.
The U.S. Securities and Exchange Commission (SEC) has commented on U.S. District Judge Analisa Torres' ruling in the XRP case against Ripple Labs. On Wednesday, U.S. Federal Court Judge Analisa Torres ruled on the SEC’s motion against Ripple Labs arising from a 2020 lawsuit alleging unregistered sales of XRP. The court granted some of the SEC’s requests, imposing a $125 million civil penalty and an injunction against further violations, but rejected the SEC’s request for a $2 billion fine. Ripple argued that the fine should not exceed $10 million.
Ripple CEO Brad Garlinghouse called the SEC’s 94% reduction in the fine a victory for Ripple, the industry, and the rule of law, noting that the SEC’s woes with the XRP community are now over.
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