Decide Analisa Torres ordered Ripple to pay a civil penalty of $125,035,150 for promoting unregistered XRP to institutional buyers. Moreover, Decide Torres granted the SEC’s request for an injunction prohibiting XRP gross sales to institutional buyers. The court docket verdict coincided with Ripple saying the testing of its stablecoin, RLUSD.
RLUSD – Testing Begins
On Friday, August 9, Ripple introduced the beginning of testing its stablecoin, RLUSD, stating,
“Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in non-public beta on XRP Ledger and Ethereum mainnet. RLUSD has not but acquired regulatory approval and subsequently shouldn’t be obtainable for buy or buying and selling – please be cautious of scammers who declare they’ve or can distribute Ripple USD.”
Nevertheless, the SEC has warned that the launch of RLUSD would violate US securities legal guidelines.
RLUSD and the US SEC
In April 2024, the SEC filed its remedies-related reply brief, reinforcing its case for a punitive penalty and injunction towards Ripple for violating US securities legal guidelines.
The SEC’s reply temporary referenced Ripple’s plans to launch a stablecoin, labeling it the issuance of a brand new unregistered crypto asset.
