A judge in the SEC's case against Ripple has ruled the sales of XRP to institutional customers were unregistered securities offerings, even though the token itself may not meet the test for a security.
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XRP Lawsuit: Legal Expert Suggests Ripple May Consider Settlement, unnerves definition
Breaking: Judge rules XRP is not a security in SEC's case against
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XRP token is not a security, rules US court, disappointing SEC
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Ripple Labs notches landmark win in SEC case over XRP
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