Judge Hands SEC a Massive Loss Denying Theory That Tokens Are Always Securities
The Breakdown
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The SEC's Decision in Ripple's Token Transfers
Ripple argued that the SEC failed to provide them with fair notice of how securities law applied to their token sales. Brad Garlinghouse and Chris Larson, two Ripple executives sold a large quantity of XRP tokens into the open market. This was determined not to be a sale of securities for the same reasons underpinning the sales from Ripple the company. The judge found that there were material disagreements on the facts surrounding this allegation so ordered that this issue should proceed to a full trial.
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