Skadden attorneys discuss the July 2023 ruling in SEC v. Ripple Labs Inc. — which held that Ripple’s sales of XRP tokens through secondary trading platforms did not constitute securities transactions while its direct sales to institutional investors did — and subsequent developments that may impact other pending digital asset secondary trading cases, including:
- The denial of the SEC’s request for an interlocutory appeal to challenge the ruling regarding sales on secondary trading platforms.
- The SEC’s voluntary dismissal of charges against the individual defendants in the case, which suggests that the Commission may have strategically decided to avoid a prolonged trial.