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SEC v. Ripple Labs, Inc.

682 F. Supp. 3d 308 (S.D.N.Y. 2023)

Opinion Summary

Held that Ripple's XRP token is not inherently a security under the Howey test but that institutional sales of XRP constituted unregistered securities offerings. Found that programmatic sales on exchanges did not satisfy the Howey test because buyers did not know they were buying from Ripple. A landmark ruling in cryptocurrency regulation.

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Case Information

Court
United States District Court for the Southern District of New York
Court Level
U.S. District Court
Date Decided
Thursday, July 13, 2023
Citation
682 F. Supp. 3d 308 (S.D.N.Y. 2023)
Jurisdiction
United States Federal

Legal Topics

business