On July 13, 2023, Judge Analisa Torres made a significant ruling in the case of SEC v. Ripple. The decision established that XRP is not inherently a security, distinguishing between different forms of XRP sales.
Specifically, the ruling declared that Ripple’s sales of XRP on secondary trading platforms do not constitute securities transactions. However, it noted that direct sales of XRP to institutional investors did qualify as securities transactions.
Following this partial victory for Ripple, the SEC decided to file an appeal focusing on the secondary sales component of the ruling, creating further uncertainty for the future status of XRP and its regulatory classification.
