In a 2023 partial ruling, Judge Torres found that XRP was not a security in public exchange sales, but that Ripple’s direct institutional sales did violate federal securities laws.
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Ripple-SEC courtroom snafu dents XRP price rally hopes
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U.S. District Court in its July, 2023 ruling determined that XRP is not a security when sold on public exchanges, but found that Ripple's direct institutional sales of XRP violated federal securities laws
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SEC and Ripple, following the U.S. District Court ruling that XRP is not a security when sold on public exchanges but is a security in Ripple’s direct institutional sales, filed a cross-appeal to the U.S. Court of Appeals for the Second Circuit
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U.S. District in its 2023 ruling determined that XRP is not a security when sold on public exchanges, but found that Ripple's direct institutional sales of XRP violated federal securities laws
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