District Judge Analisa Torres for the Southern District of New York has ruled that Ripple's programmatic sales of XRP to retail customers through its trading platform did not violate federal securities laws. But Ripple's 1,278 institutional sales violated securities laws and imposed a $125.035 million fine, well below the $1 billion in recovery and pre-judgment interest and a $900 million civil penalty required by the SEC. Although the case is said to be closed, the Securities Exchange Commission is expected to appeal the ruling, meaning the legal matter could be extended.