The saga of Ripple Labs, the XRP token, and whether the sale of its crypto token constituted a securities law violation in the U.S. advanced today. In a ruling from the U.S. District Court of the Southern District of New York, Judge Analisa Torres gave a nuanced view on the matter.
In summary, after examining several different sales methods of the XRP token over time, and applying the Howey Test to each, the district judge approved the SEC’s motion for summary judgment in regards to the institutional sale by Ripple of the XRP token. This means XRP is a security when it’s in institutional sales, according to Torres.
But, in an interesting twist, the judge …
