Ripple will pay $125 million in fines as part of a years-long lawsuit with the U.S. Securities and Exchange Commission, according to court documents.
“The SEC’s motion to enter a final judgment and relief is granted in part and denied in part,” the filing, signed by Judge Analisa Torres, reads. “The court enters a final judgment enjoining Ripple from further violations of the securities laws and imposing a civil penalty of $125,035,150.”
In July, Ripple CEO Brad Garlinghouse said he expected the outstanding legal issues to be resolved “very quickly.”
This is an ongoing story.
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About the Author
RT Watson is a senior reporter at The Block, covering a wide range of topics including corporate America, blockchain gaming, and NFTs. Previously, he covered entertainment at The Wall Street Journal, writing about Disney, Netflix, Warner Bros., and the creator economy, with a focus on technological disruption across media. Prior to that, he covered corporate, economic, and political news in Brazil at Bloomberg. RT has interviewed a wide range of people, including CEOs, media moguls, major influencers, politicians, blue-collar workers, drug dealers, and convicted criminals. He holds a Master’s degree in Digital Sociology.