Ripple's Sales of XRP Are Not Securities, Except When They Were Sold to Institutions

A judge has ruled that Ripple's sales of XRP were not securities, except when they were sold to institutions. With that said, there is a caveat here, which is that the judge also ruled that contracts for institutional sales did constitute unregistered security sales. "I think we are going to see a big pullback or reduction in the ability for protocols to raise capital through private token sales with VCs," he says.