The SEC and Ripple have been locked in a legal tug of war for years, stirring up waves of controversy and debate in the crypto community. Finally, Judge Analisa Torres has given an order establishing that XRP buyers trading on exchanges were not, in fact, engaging in a securities transaction, a decision that could have far-reaching implications for the industry. Lewis Cohen, co-founder of DLx Law, unpacks the details of this pivotal case and what it might mean for the future of cryptocurrency regulation.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why the SEC lawsuit against Ripple has such historical significance in the crypto industry
how Judge Torres split the case into two categories
why the 'programmatic buyers' did not meet the four prongs of the Howey test
why the institutional sales constituted an investment contract
what makes the Ripple case different from the Kik and Telegram cases
whether the new ruling by Judge Torres will have an impact on how other crypto projects deal with their offerings
why, in the event of an appeal, Lewis expects a Second Circuit decision to take at least one year
whether Judge Torres' decision will impact the ongoing cases against crypto exchanges like Coinbase
why Lewis thinks the XRP order will not change the likelihood that spot bitcoin ETFs get approved
how there's no way to deal with information asymmetries in digital assets now

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Guest

Lewis Cohen, Cofounder DLx Law
Previous appearances on Unchained: The Lummis/Gillibrand Crypto Bill: Is the ‘Ancillary Token’ Approach the Best

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Guest

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