The U.S. Securities and Exchange Commission has weighed in on the final judgment in the Ripple case.
The agency told Fox Business reporter Eleanor Terrett that the court had addressed the "egregiousness" of the company's conduct.
As reported by U.Today, District Judge Analisa Torres acknowledged that Ripple had committed "a serious offense" with its recurring securing law violations. The company was ordered to pay a rather hefty $125 million fine.
"As court after court has stated, the securities laws apply when firms offer and sell investment contracts, regardless of the technology or labels that they use," the agency added.
Tomiwabold OlajideAt the same time, Torres significantly reduced the amount of civil penalties that were requested by the SEC. The agency wanted the company to shell out as much as $2 billion.
Even though Ripple expectedly framed the final judgment as a big win for the embattled company, Terrett believes that the SEC also has a cause for celebration since the fine is significantly higher than the $10 million that the San Francisco-based company was hoping for.
While it seems unlikely that the SEC might appeal the court's most recent order on remedies, it might still take issue with the July 2023 summary judgment ruling that recognized secondary XRP sales as non-securities.
Despite some uncertainty surrounding the SEC's appeal plans, the XRP experienced a massive price rally over the past 24 hours, surging by more than 20%. As reported by U.Today, it has become one of the most traded cryptocurrencies globally. In South Korea, it managed to attract bigger daily trading volumes than Bitcoin, Ethereum, and Solana combined following the court ruling.
Godfrey Benjamin
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov