Ripple Settles With SEC, Ordered to Pay $125 Million Penalty
CryptoNewsTerminal Staff07 Aug, 2024
Ripple Settles With SEC, Ordered to Pay $125 Million Penalty
Judge Analisa Torres, the presiding judge in the SEC v. Ripple (XRP) lawsuit, has ordered Ripple to pay a $125 million penalty, ending the four-year legal battle with the SEC. The SEC had previously sought a $2 billion penalty against Ripple. The lawsuit alleged that Ripple had sold XRP as an unregistered security. Ripple has agreed to pay the penalty and not offer or sell XRP in the United States. The company also agreed to surrender $45 million in profits from the sale of XRP. The settlement is a significant victory for the SEC, which has been cracking down on the sale of unregistered securities. It is also a setback for Ripple, which has been seeking to expand its business in the United States.
