.Ripple scores partial victory against SECGov as court refrains from labeling all sales of XRP as securities
The judgment brought some closure to Ripple's legal battle with the U.S. Securities and Exchange Commission , which has cast a long shadow over the digital currency's future since December 2020.
According to the summary judgment, Judge Torres deemed institutional sales by Ripple as securities. However, she refrained from labeling all other sales in the same way. The case is now going to move to trial. Institutional sales by Ripple, which the court deemed as unregistered securities transactions, amounted to $728 million. On the other hand, programmatic sales and other sales, which the court did not classify as securities transactions, totaled $1.366 billion .The decision sent a positive ripple through the crypto market as it avoided classifying XRP, the sixth-largest digital token by market value, as a security in its entirety.
The court did not address secondary market sales of XRP, indicating the complexity of determining such sales as offers and sales of investment contracts. Such determinations would depend on the totality of circumstances and the"economic reality" of that specific contract, transaction, or scheme.
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