Ripple Ordered to Pay Massive Penalties: Details

08/08/2024 03:21
Ripple Ordered to Pay Massive Penalties: Details

U.S. District Judge Analisa Torres has issued a final judgement in the SEC v. Ripple case

U.S. District Judge Analisa Torres has issued a final judgement in the SEC v. Ripple case

Ripple Ordered to Pay Massive Penalties: Details

Cover image via www.freepik.com

San Francisco-based company Ripple has been ordered to pay $125 million worth of civil penalties. 

Notably, this is only a fraction of the $876 billion sum that was initially requested by the U.S. Securities and Exchange Commission.  

However, as reported by U.Today, Ripple argued that the amount of civil penalties should not exceed $10 million. 

Ripple is required to pay the aforementioned penalties within 30 days following the entry of the final judgment. The company will be able to transfer the payment electronically from a bank account or by certified check. 

The SEC will hold this money together with "any interest and income earned thereon." The agency will have to seek court approval in order to distribute the funds. 

The summary judgment marks the end of Ripple's long-lasting legal battle with the SEC, which  started back in December 2020. 

About the author

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Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

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