BREAKING: XRP SURGES 20% AFTER JUDGE FINES RIPPLE, ENDING FOUR-YEAR-LONG LAWSUIT WITH SEC
- Ripple to pay $125 million fine in civil penalties, rules Judge.
- XRP skyrockets by 20% after the ruling despite wider market dump.
In a court filing on Wednesday, Judge Analisa Torres ruled that Ripple Labs would pay a $125 million civil penalties fine and stop further violations of securities laws. The Judge had earlier ruled that only XRP's sale to institutions violated securities laws, but its trading in crypto exchanges was legal.
"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," stated the filing.
The Securities & Exchange Commission (SEC) initially requested a $2 billion fine on the firm.
The ruling marks a potential end to the SEC's case against Ripple Labs, which dates back to November 2020. The regulator accused the company of conducting unregistered securities sales through the sale of XRP tokens.
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