Southern District Judge Analisa Torres of New York fined Ripple for 1,278 institutional sales transactions that violated securities laws, the network reported..The $2503.5 billion fine is far less than the $1 billion in illegal gains and pre-judgment interest and $900 million in civil penalties sought by the SEC.。The ruling found that Ripple violated federal securities laws by selling XRP directly to institutional clients, but ruled that Ripple's programmatic sale of XRP to retail investors through an exchange did not violate any securities laws.。During the trial, the SEC tried unsuccessfully to appeal that portion of the ruling.。Judge Torres also barred Ripple from violating federal securities laws in the future, and issued an injunction document requiring Ripple to file a registration statement if it intends to sell any securities.。