One of the longest running legal cases impacting crypto’s regulatory future is potentially nearing resolution.
The case, between cryptocurrency company Ripple Labs and the U.S. Securities and Exchange Commission (SEC), centers around whether Ripple’s XRP token is a security and has gone through several iterations since its 2020 start.
On Wednesday (Aug. 7), the scales of justice fell partly in favor of Ripple with the company ordered by a federal judge to pay a civil penalty of $125 million, along with an injunction against future securities law violations.
The SEC was seeking fines and penalties totaling $2 billion.
“The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand,” Ripple CEO Brad Garlinghouse said in a Wednesday post on X.
Garlinghouse added that the court’s ruling was “a victory for Ripple, the industry and the rule of…
