The Manhattan federal judge who ruled on Thursday that Ripple Labs is not liable under federal securities law for selling XRP tokens on the open market devised an entirely new framework for determining whether crypto tokens are securities -- and defense lawyers say her analysis could be a big help in private litigation against crypto issuers and exchanges.
on Thursday that Ripple Labs is not liable under federal securities law for selling XRP tokens on the open market devised an entirely new framework for determining whether crypto tokens are securities -- and defense lawyers say her analysis could be a big help in private litigation against crypto issuers and exchanges.
That sounds complicated – which is exactly why defense lawyers believe that the ruling will help crypto defendants avert, or at least narrow, class actions by investors who claim they were duped into buying unregistered securities. There are a few important caveats before I explain why Cohen and other crypto defense counsel are hyped about Torres’s ruling. Torres is just one trial judge. Her decision doesn’t bind any other court and, as my Reuters colleague Jody GodoyTorres, moreover, was careful to say that her opinion was grounded in the specific facts of the SEC’s case against Ripple.
Defense lawyers told me that by focusing not on the nature of the tokens but on the particulars of token sales, Torres has given other judges a new way to think about whether digital assets are securities. Nick Morgan of Paul Hastings described Torres’s approach as “dynamic,” rather than static, and predicted that other judges will agree that her analysis makes more sense than what he called “the shorthand approach of ‘once a security, always a security.
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