U.S. federal judge Annalisa Torres orders Ripple to pay $125 million fine for XRP token sales
In a landmark legal victory, U.S. federal judge Annalisa Torres has ordered Ripple Labs to pay a $125 million fine for selling XRP tokens without proper registration. This decision comes after a long battle with the U.S. Securities and Exchange Commission (SEC) and has significant implications for the cryptocurrency industry.
New Developments in the Ripple-SEC Legal Battle
The legal saga began in 2020 when the SEC accused Ripple of selling unregistered securities through the sale of XRP tokens. The lawsuit filed in December 2020 sparked legal challenges for Ripple, leading to a lengthy court battle. However, Judge Torres’s recent ruling on August 7 clarified that Ripple’s actions were not fraudulent, leading to a reduced fine.
Ripple’s Response to the Court’s Decision
Ripple CEO Brad Garlinghouse expressed relief at the court’s ruling, stating that it allows Ripple to continue growing its business. Garlinghouse also noted that the reduced fine demonstrates respect for the legal process and the industry as a whole.
Moreover, Ripple’s Chief Legal Officer, Stuart Alderotti, emphasized that the court found no evidence of fraud or intentional wrongdoing in Ripple’s actions. The imposed $125 million fine aims to address past sales to specific third parties, ensuring future compliance with securities laws.
Garlinghouse further highlighted the significance of the ruling by stating, “This victory is a testament to Ripple, the industry, and the principles of justice. The SEC’s adversarial stance towards the XRP community has been put to rest.”
Ripple’s Market Response and Price Surge
Following the court ruling, Ripple’s price saw a significant surge, rising by 27% within 1 hour and 30 minutes. The price jump, from $0.5018 to $0.6373, indicates market confidence in Ripple’s legal victory and future prospects. As of the latest update, XRP is trading at $0.6171, showing signs of stabilization.
The information contained on the BeInCrypto website is published in good faith and for informational purposes only. Users are solely responsible for any consequences arising from the use of the information on this website.
In addition, part of the content is the AI-translated English version of BeInCrypto articles.
