The decision, which addresses a broad range of market activity by Coinbase relating to 13 third-party tokens, could have significant implications for market participants. On March 27, 2024, Judge Katherine Failla of the US...more
On July 13, 2023, the Court ruled in partial favor of Ripple Labs Inc.’s argument that many of its XRP sales did not violate investor-protection laws. The ruling has sent the crypto world ablaze with speculation on the future...more
In the latest decision evaluating the application of federal securities laws to the digital asset context, Judge Jed S. Rakoff of the United States District Court for the Southern District of New York (“SDNY”) ruled in favor...more
In Short - The Situation: Recently, two judges in Southern District of New York were required to apply the Howey test in separate cases to decide whether sales of certain crypto assets were investment contracts, and thus...more
Three federal judges in the Southern District of New York sit at the center of the long-running battle between the SEC and the crypto industry, overseeing cases that may eventually bring clarity to the industry. After two...more
Just barely two weeks ago, we wrote about the half-victory for Ripple Labs in its ongoing litigation with the Securities and Exchange Commission (“SEC”), in which Judge Analisa Torres granted partial summary judgment in favor...more
On July 13th, Judge Analisa Torres of the United States District Court for the Southern District of New York entered an order that was quickly celebrated by the crypto world (SEC v. Ripple Labs, Inc., No. 20CIV10832ATSN;...more
Earlier this month, a federal trial court judge issued an opinion ruling on whether sales of a digital token, XRP, constituted a “security” for purposes of federal securities laws. Some headlines reporting the ruling have...more
For the past several years, many have viewed “SEC v. Ripple” as one of the defining conflicts in the US crypto regulatory landscape. At the heart of this dispute is the question of whether digital tokens are “securities” for...more
On July 13, Judge Analisa Torres, district judge for the United States District Court for the Southern District of New York, issued a substantial order (the Order) on cross motions for summary judgment in the U.S. Securities...more
It’s the Transaction, Not the Token. Issuers cannot offer or sell securities without registering them with the SEC under Section 5 of the Securities Act of 1933 or finding a valid exemption from registration. XRP is the...more
On July 13, 2023, Judge Analisa Torres in the Southern District of New York issued the much-anticipated summary judgment order in the Securities and Exchange Commission’s (SEC) case against Ripple Labs and two senior leaders,...more