The latest Distributed Ledger column from MarketWatch: a weekly look at the most important moves and news in crypto.
Crypto bulls are excited that a federal judge on Thursday ruled XRP, a token associated with Ripple Labs, isn’t a security when sold to the public in a programmatic on digital-asset exchanges.
U.S. District Judge Analisa Torres said Ripple’s direct sales to sophisticated institutional investors would, however, qualify as an unregistered sale of investment contracts, in violation of federal law, representing a partial win for those who have advocated that XRP isn’t a security. Read: SEC’s Gensler slams digital-asset industry for ‘ignoring the law’ as crypto crackdown continues
In lawsuits, the SEC named dozens of crypto, such as Solana SOLUSD , Cardano ADAUSD , Polygon MATICUSD , Filecoin FILUSD , Algorand ALGOUSD and Axie Infinity as securities. The Howey Test refers to a U.S. Supreme Court case for determining whether a transaction qualifies as an “investment contract,” and thus will be considered a security.
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