Ripple CEO Reacts to Court's Final Judgement

08/08/2024 12:19
Ripple CEO Reacts to Court's Final Judgement

The Ripple boss has framed the final judgement as a "victory" for his company

Ripple CEO Reacts to Court's Final Judgement

Cover image via www.youtube.com

Ripple CEO Brad Garlinghouse has reacted to the final judgment, framing the outcome as a "victory" for his company. 

As reported by U.Today, the judge ordered Ripple to pay $125 million worth of civil penalties. 

Garlinghouse has noted that this huge sum is actually only a fraction of what the U.S. Securities and Exchange Commission initially requested. The SEC wanted the San Francisco-based company to fork out as much as $2 billion worth of fines and penalties. The agency argued that this would deter Ripple and other industry participants from violating security laws and in the future while also compensating for the harm caused by the company's actions. 

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However, since Ripple was not accused of fraud or misappropriation, U.S. District Judge Analisa Torres opted for significantly smaller penalties. Still, she acknowledged that Ripple's violations of Section 5 are a "serious offense." 

Still, the final penalties are still significantly larger than the $10 million that Ripple was advocating for. 

"We respect the $125M fine the Court has imposed for certain historic sales to sophisticated third parties," Stuart Alderoty, Ripple's top lawyer, said on X. 

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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