In a significant legal decision recently, a judge has ruled that the cryptocurrency exchange Ripple must pay a $125 million fine due to its case with the US Securities and Exchange Commission (SEC). The core of this judgment lies in the court's determination of the nature of the trading activities of XRP, which was issued by the cryptocurrency exchange Ripple. The court ultimately ruled that the trading activities of XRP do not meet the definition of securities issuance, therefore, Ripple is responsible for the corresponding legal liability and pays the fine. This decision is of great importance to the cryptocurrency industry and related legal interpretations. It clarifies the legal status of certain cryptographic assets and helps promote the standardized development of the field.