Ripple Labs ordered to pay $125 million to SEC, XRP price surges 20%

From Investing.com

August 08, 2024 05:04 AM:

A Manhattan court orders Ripple Labs to pay $125 million in penalties to the SEC for alleged improper XRP sales, much less than the original $2 billion sought. XRP coin price surges 20% to $0.6165 post-news. SEC dropped claims against Ripple CEO and co-founder, settling case focused on unregistered securities offering.

Ripple CEO Brad Garlinghouse calls reduced penalty a “victory,” stating it allows the company to move forward. Judge’s ruling did not involve fraud allegations. XRP token remains stable this year despite recent surge. Judge Torres previously ruled XRP as a security only for institutional investors, industry celebrates as a win.

SEC still targets crypto exchanges for unregistered securities. Global market risks impact cryptocurrency values. Regulatory battles continue as SEC maintains cases against crypto issuers. Digital currencies navigate uncertain market conditions.

Read more at Investing.com: XRP surges 20% as prolonged Ripple-SEC case comes to an end By Investing.com