Then, in 2023, a judge ruled that programmatic sales of XRP on cryptocurrency exchanges to retail investors did not qualify as securities.
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Ripple to Drop Appeal in SEC Case Over XRP Sales, Ending Case 'Once and for All'
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U.S. District Judge Analisa Torres ruled in July 2023 that XRP itself is not a security and secondary market sales do not violate securities laws, but Ripple’s direct sales to institutional investors did constitute unregistered securities offerings
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