The SEC has been pushing to categorize 12 popular cryptocurrencies as securities, including Ripple’s XRP. That would make them subject to SEC oversight and could put U.S. crypto exchanges in the category of unregistered securities brokers.
But U.S. District Judge Analisa Torres drew a distinction between sales to institutional investors and sales to retail buyers.
“A reasonable investor, situated in the position of the Institutional Buyers, would have been aware of Ripple’s marketing campaign and public statements connecting XRP’s price to its own efforts,” Torres wrote.
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