Ripple Labs’ lawsuit against the U.S. Securities and Exchange Commission (SEC) has been a closely watched legal battle, and Judge Analisa Torres has just delivered a clear verdict.
The court fined Ripple Labs $125m, substantially less than the $2 billion that the SEC initially claimed it was owed. This decision is significant for the crypto industry and may have ramifications for other ongoing actions.
Ripple Avoids $876 Million Penalty in SEC Case
This is a partial win for both Ripple and the SEC. Ripple Labs did not have to pay the $876 million and $198 million in prejudgment interest that the SEC had sought.
However, the company is currently banned from offering or selling unregistered securities under Section 5 of the Securities Act of 1933.
The SEC was victorious on the unregistered securities matter but Judge Torres dismissed the agency’s Howey test on XRP. Ripple claimed that XRP sales should not fall under the Howey test as sales were made in the secondary
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