Court rulings & penalties

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Judge Analisa Torres found that $728 million worth of XRP tokens sold to institutional investors constituted unregistered securities offerings
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
Ripple filed a cross-appeal in 2023 to challenge Judge Torres’ finding that its institutional XRP sales constituted unregistered securities offerings
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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