Judge Analisa Torres’ ruling in July 2023 was considered a landmark split decision that clarified programmatic and secondary market sales of XRP do not fall under U.S. Securities and Exchange Commission jurisdiction

Quotes that support claims

The ruling was considered a landmark split decision, with Ripple securing a major victory for the industry in clarifying that programmatic sales and secondary market trading of XRP do not fall under SEC jurisdiction. However, the finding on institutional sales posed potential financial penalties for Ripple.