@sunnystarfish
The court reached a tiered conclusion: transactions with institutional investors were unregistered securities; public trading on an exchange did not satisfy the Howey condition; other distributions had their own context.
The 7/2023 ruling sets a framework for analyzing by transaction type rather than labeling tokens as absolute Token . This is an important precedent for similar cases, widely cited by academia and legal media (SEC v. Ripple Labs, SDNY, 2023).
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