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The U.S. Securities and Exchange Commission (SEC) has fined a cryptocurrency firm $20 million for allegedly failing to register its crypto asset securities offering. The firm, Ripple Labs, was also ordered to pay $10 million in civil penalties. The SEC stated that Ripple's unregistered offer and sale of XRP tokens constituted an offering of securities. The ruling, issued by U.S. District Judge Analisa Torres, found that Ripple's programmatic sales of XRP to exchange platforms and its sales to institutional investors were unregistered securities offerings. However, the court also ruled that Ripple's other sales of XRP were not securities. The SEC had sued Ripple in December 2020, alleging that the company had raised over $1.3 billion through the unregistered sale of XRP. The lawsuit has been closely watched by the cryptocurrency industry, with many seeing it as a test case for the regulation of digital assets. The SEC has stated that it will continue to pursue enforcement actions against companies that violate securities laws.
