Judge rules Ripple did not violate federal securities laws by selling XRP to retail customers, fines Ripple about $125 million

Odaily News U.S. District Judge Analisa Torres of the Southern District of New York ruled that Ripple did not violate federal securities laws with its programmatic sales of XRP to retail customers through its trading platform. But Ripple’s 1,278 institutional sales transactions violated securities laws, and it was fined $125.035 million, far less than the $1 billion in disgorgement and prejudgment interest and $900 million in civil penalties sought by the SEC. The SEC unsuccessfully attempted to appeal that portion of the ruling while the case was pending. On Wednesday, Judge Torres also enjoined Ripple from violating federal securities laws in the future, saying that while she did not judge Ripple to have violated any laws after the SEC filed its lawsuit, it was likely that it had “crossed the line” with respect to its “On-Demand Liquidity (ODL)” product. The injunction document requires Ripple to file a registration statement if it intends to sell any securities. (CoinDesk)