coinspress.com
Ripple has been hit with a $125 million fine in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), a far smaller amount than the SEC's original demand.
The court ruling, issued by Judge Analisa Torres, set the fine at a fraction of the SEC’s request for $1 billion in disgorgement and interest and $900 million in penalties.
The XRP cryptocurrency saw a significant surge of over 20% following the announcement.
According to the court filing, Ripple is now required to pay $125,035,150 in civil penalties and is barred from further breaches of securities laws.
The judge had previously determined that Ripple’s programmatic sales of XRP through exchanges did not breach securities regulations, though the direct sales to institutional clients were found to be in violation.
The ruling also includes an injunction preventing Ripple from future violations of securities laws.