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A court document claims that Ripple has been fined $125 million as part of its years-long lawsuit with the U.S. Securities and Exchange Commission.
“The SEC’s motion for remedies and the entry of final judgment are granted in part and denied in part,” wrote the New York Judge Analisa Torres in a in a signed file. “The Court shall enter a final judgment enjoining Ripple from further violations of the securities laws and imposing a civil penalty of $125,035,150.”
Ripple CEO Brad Garlinghouse indicated in July he expected a resolution of unresolved legal concerns “very soon.”
The SEC claimed in 2020 that Ripple raised $1.3 billion by selling allegedly unregistered securities. Judge Torres decided a year ago that a blind bid system in place for Ripple’s XRP sales did not breach securities laws; hence, some of its programmatic transactions did not violate regulations either. She did, however, decide that other direct sales of the token to institutional investors constituted securities.
The fine for Ripple is less than the suggested $2 billion by the SEC. Ripple had suggested it ought to be nearer $10 million. Although the SEC highlighted that its suggested punishment was significant, in a May filing, it said Ripple’s suggested penalty would be a “slap on the wrist.”.
Judge Torres also gave Ripple orders on Wednesday to stop future securities law violations.
“To be clear, the Court does not today hold that Ripple’s post-complaint sales have violated Section 5,” Torres stated. But “Ripple’s willingness” to challenge limits indicates that, if not already, they will ultimately breach that line.
Torres said, “On balance, the Court finds that there is a reasonable probability of future violations, meriting the issuing of an injunction.”
The SEC decided in October to drop its complaint against Garlinghouse and co-founder Chris Larsen over their participation in illicit securities sales, citing liability issues.
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