XRP Sales In Secondary Markets May Still Be The Sale Of Securities

US District Judge Analisa Torres in New York ruled on Thursday that Ripple Labs Inc. sales of the XRP
XRP
token to institutional investors is a securities offering, but such sales are not securities when sold to the general public. The court did not rule on whether secondary market sales of XRP are offers or sales of securities.

The court order was in response to motions for summary judgement from both the SEC, as plaintiff, and Ripple Labs, Inc., Bradley Garlinghouse, and Christian A. Larsen, as defendants. The judge granted partial motions for both sides.