Judge Hands SEC a Massive Loss Denying Theory That Tokens Are Always Securities
The Breakdown
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The SEC's Loss of Ripple's XRP Token Litigation
The court agreed with the SEC that the Howie test governs the securities analysis of crypto transactions and rejected Ripple's made up test as to what constitutes an investment contract. While the decision was made in a lower court, it will still carry substantial weight in other token cases. Other judges are generally not bound to follow this decision. But at the same time it's certainly not unimaginable that a judge could find a legal reason to differentiate from this decision.
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