A court ruling finds that institutional sales by Ripple were, in fact, unregistered securities. But sales by algorithms and through exchanges weren’t.
There are long-standing questions about whether cryptocurrencies are actually securities. XRP investors seem to view this ruling as positive since the price of the token surged almost 30 percent in response. That’s because sales of the token on exchangesIn court filings, Ripple had suggested an interpretation of the Howey test that required “essential ingredients.
Torres goes on to note that no cases have previously advanced this idea, and further, in “the more than seventy-five years of securities law jurisprudence after Howey, courts have found the existence of an investment contract even in the absence of Defendants’ ‘essential ingredients.’” The programmatic sales — which occurred on exchanges — were more similar to secondary trading than to the initial offering, Torres wrote. “An Institutional Buyer knowingly purchased XRP directly from Ripple pursuant to a contract, but the economic reality is that a Programmatic Buyer stood in the same shoes as a secondary market purchaser who did not know to whom or what it was paying its money,” she wrote.
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