u.today
San Francisco-based company Ripple has been ordered to pay $125 million worth of civil penalties.
Notably, this is only a fraction of the $876 billion sum that was initially requested by the U.S. Securities and Exchange Commission.
However, as reported by U.Today, Ripple argued that the amount of civil penalties should not exceed $10 million.
Ripple is required to pay the aforementioned penalties within 30 days following the entry of the final judgment. The company will be able to transfer the payment electronically from a bank account or by certified check.
The SEC will hold this money together with "any interest and income earned thereon." The agency will have to seek court approval in order to distribute the funds.
The summary judgment marks the end of Ripple's long-lasting legal battle with the SEC, which started back in December 2020.