The judge in the SEC vs. Ripple case ruled in August 2023 that Ripple’s institutional sales of XRP violated securities laws, resulting in a $125 million fine, while sales to retail investors on exchanges were not deemed to violate securities regulations.

Event date

Aug 1, 2023 - 12:00am

Quotes that support claims

Last August, New York judge Analisa Torres ordered Ripple to pay the regulator a $125 million fine for violating securities laws through institutional sales of XRP.

The case was in an appeal phase after Judge Analisa Torres found that while XRP sales to retail investors on exchanges did not violate securities laws, institutional sales did meet the criteria for investment contracts under the Howey Test.