According to CoinDesk, Judge Anarisa Torres of the Southern District of New York ruled that Ripple's 1278 institutional sales transactions violated securities laws and imposed a fine of $125 million, far below the $1 billion in illegal gains and pre judgment interest required by the US SEC, as well as a $900 million civil penalty. Judge Torres reiterated her view that Ripple's sale of XRP to retail customers through an exchange does not violate federal securities laws. But she banned Ripple from violating federal securities laws in the future and issued an injunction document requiring Ripple to submit a registration statement if it plans to sell any securities. @sdima @duyenhoang