In an unequivocal victory for the crypto market, Judge Analisa Torres of the Southern District of New York has issued a critical ruling in the SEC vs. Ripple lawsuit.
The judge deemed Ripple’s Programmatic Sales and other distributions of XRP on public exchanges not to qualify as investment contracts, sparking widespread celebration among prominent figures in the crypto industry.
SEC vs. Ripple: Crypto Industry Leaders Celebrate
Gemini co-founder, Cameron Winklevoss, hailed the ruling as a “watershed moment” that fundamentally redefines the SEC’s jurisdiction over digital assets.
“The sale of XRP on exchanges is not a security. Which means the sales of all cryptos on exchanges are not securities and SEC and Gary Gensler have no jurisdiction over them,” said Winklevoss.
Echoing this sentiment, defense lawyer James K. Filan emphasized the wider implications of the judgement for secondary market sales.
“This is to me the most important part of the decision. Programmatic Sales are not securities, and because a Programmatic Buyer stood in the same shoes as a secondary market purchaser, secondary market sales are not investment contracts — not securities,” said Filan.
US Congressman Tom Emmer also highlighted the significance of the decision. He pointed out that it sets a key precedent in distinguishing a token from any investment contract it may or may not be part of.
“The Ripple case is a monumental development… Now, let’s make it law,” said Emmer.
The distinction between Ripple’s Institutional Sales and Programmatic Sale
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Author: Bary Rahma
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