币界网报道：A Manhattan federal court has upheld the $120 million penalty against Ripple Labs for violating securities laws through unregistered XRP sales to institutional investors. Judge Analisa Torres ruled that Ripple's $728.9 million worth of XRP sales to sophisticated entities constituted unlawful securities offerings, though she dismissed allegations regarding programmatic sales to retail investors. The court found Ripple failed to register these institutional transactions despite knowing XRP could be considered a security. While reducing the original $2 billion SEC demand, the judge maintained the penalty reflects the "gravity of the violations." Ripple's chief legal officer Stuart Alderoty stated the company is reviewing the decision, which comes after a three-year legal battle where Ripple previously secured a partial victory regarding retail XRP sales. The ruling provides some regulatory clarity but leaves open questions about cryptocurrency classification, with the SEC continuing its aggressive enforcement stance against crypto firms.