Cryptocurrency company Ripple Labs agrees to pay $50 million fine to US market regulator

Ripple Labs has reached a settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay a reduced fine of $50 million. This marks the conclusion of one of the SEC’s most high-profile cryptocurrency cases, which began in December 2020.

The lawsuit accused Ripple of selling unregistered securities through its XRP token. Initially, Ripple was ordered to pay a $125 million fine. However, under the new agreement, the SEC will retain $50 million of the amount, which had been held in escrow. Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed the settlement on social media, emphasising that the company made no admission of wrongdoing.