In the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), a federal judge has ruled Ripple’s It was decided that he must pay a fine of $125 million.
This decision follows a July 2023 ruling that found Ripple violated federal securities laws by selling XRP directly to institutional clients.
The penalty falls well short of the $2 billion sought by the SEC and brings potential closure to this high-profile case that began in late 2020.
The legal process began when the SEC filed a lawsuit against Ripple in December 2020, accusing the company of selling XRP in violation of securities laws. After a lengthy legal process, Judge Analisa Torres ruled that Ripple did not violate any regulations by selling XRP to exchanges, which then offered the token to retail customers, despite violating laws regarding direct sales to institutional investors. The SEC’s attempt to appeal this decision was unsuccessful, and in October, charges were dropped against Ripple CEO Brad Garlinghouse and Chairman Chris Larsen.
Last week’s ruling, which imposed a $125 million fine and an injunction against future violations, was seen as a partial victory by Ripple. While the fine exceeds the $10 million Ripple had alleged, it is significantly less than the SEC’s initial request. Ripple Chief Legal Officer Stuart Alderoty called the ruling a vindication of the company’s position and a condemnation of SEC overreach. Alderoty emphasized that the lawsuit does not allege fraud, market manipulation or victimization.
Legal experts say the outcome of the case could inform future regulatory action and crypto para Patrick Daugherty, head of Foley & Lardner’s digital assets practice, called the decision on secondary transactions a critical setback for the SEC, suggesting it could impact the regulator’s approach in other cases involving token transactions on exchanges.
One attorney, who asked not to be named, said the SEC could potentially appeal the secondary transactions aspect of the decision, saying it set a “bad precedent” for the regulator. But Ripple’s Alderoty said he believed an appeal was unlikely to overturn the decision, and advised focusing on the finality of the decision.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/ripple-sec-davasi-bitmemis-olabilir-iste-avukatlarin-onumuzdeki-surec-ile-ilgili-soyledikleri/
