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.
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Ripple agrees to pay $50M fine and drop cross-appeal to settle SEC lawsuit
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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.
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