Every now and then, a court will issue a ruling that lawyers are equally excited and disappointed by. For me, U.S. Securities and Exchange Commission (SEC) v. Ripple Labs is such a ruling.

In what’s been heralded as a landmark victory for the cryptocurrency industry that will shape compliance going forward, a U.S. district judge found that software company Ripple Labs’ XRP token was not a security when sold to secondary market buyers—but it was a security when sold directly to institutional buyers.

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