A federal court has ordered Ripple, in its lawsuit with US Securities and Exchange Commission to pay civil penalties of $125.035,150. The SEC wanted a remittance of $2 billion whereas Ripple asked for a maximum penalty amount of $10,000,000.
The court also ordered Ripple not to commit any more violations of the securities laws. Judge Analisa Turres made this order in a Wednesday filing. Torres rejected the SEC’s motion for disgorgement, prejudgment interest and other damages. She claimed that the securities regulator did not demonstrate “pecuniary harm” It is necessary to do so.
The SEC’s initial complaint was filed against Ripple by the SEC in December of 2020. In July 2023, Torres handed the XRP issuer a partial win through a summary judgement. He ruled that Ripple’s programmatic sales of XRP did not constitute unregistered securities offerings, but Ripple’s institutional sales did.
Torres decided on the $125 million figure — which is a remittance payment related to institutional sales of XRP — by determining that there were 1,278 transactions that violated Section 5 of the Securities Act.
The court mandated in 2023 a trial of the remaining disputes. The accusations included allegations of aiding and abetment securities law violations by CEO Brad Garlinghouse, and Ripple’s co-founder Chris Larsen. In October, however the SEC dropped all charges.
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