Summary
TLDR: The SEC proposed Ripple Labs pay $1.95 billion for violating securities laws through institutional sales of XRP, but the court dismissed allegations related to sales on exchanges and through algorithms.
Key Points
1. The SEC’s proposal against Ripple Labs included a request for a total of $1.95 billion in penalties, including disgorgement, prejudgment interest, and a civil penalty.
2. The court ruled that Ripple violated federal securities laws by making institutional sales of XRP, but dismissed allegations that the sale of XRP on exchanges and through algorithms also violated the law.
3. The outcome of this case could have significant implications for the cryptocurrency industry and how digital assets are regulated in the future.