Ripple Labs says it settles with US SEC, will pay reduced $50 million fine

FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK (Reuters) - Ripple Labs agreed to settle a U.S. Securities and Exchange Commission civil lawsuit over the alleged sale of unregistered securities and pay just $50 million of a previously imposed $125 million fine, the cryptocurrency company's chief legal officer said on Tuesday.

The accord would end one of the SEC's highest-profile cryptocurrency cases, as the regulator eases oversight of the industry.