The judge said that Ripple XRP sales do not constitute an investment contract offering.
Ripple won the ruling that XRP is not a security, the judge also ruled that institutional sales of XRP by Ripple are securities.
When the time comes, the court will issue a separate decision setting the hearing date and relevant preliminary hearing times.
Judge Torres said that Ripple's Programmatic Sales, other distributions and XRP sales of Larsen and Garlinghouse do not constitute investment contracts.
The judge said that crypto tokens sold to the public may not be securities.
Court documents also included the following statements:
The Court does not address whether secondary market sales of XRP constitute investment contract offerings and sales because this question was not properly asked before the Court. Whether a secondary market sale constitutes an investment contract offer or sale will depend on the aggregate of circumstances and the economic reality of the contract, transaction or plan in question.
*Not investment advice.
