Judge Rakoff is choosing not to differentiate cryptocurrencies based on how they are sold. In other words, he's stating that the method of sale -- whether directly to large, institutional investors or via secondary market transactions to retail investors -- shouldn't affect whether or not those coins are considered securities.
The implications of this legal stance have already begun to ripple through markets. In an immediate reaction, shares of dropped 3%. The price of XRP has also dipped by 2.9%, but it remains above its intraday low of $0.69. It's important to note that his decision doesn't overturn the Ripple ruling, which still stands for now. However, SEC Chair Gensler hasRakoff's ruling provides an alternate interpretation of how cryptocurrencies should be classified, taking into account other properties of the given asset instead of the manner of sale.
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