XRP Victory Day marks 3 years since Ripples SEC lawsuit win
The XRP community is marking July 13 as “XRP Victory Day,” three years after Judge Analisa Torres issued a split summary judgment in the SECs case against Ripple. The 2023 order rejected the regulators claim that every XRP transaction followed the same legal pattern. It also gave public exchange sales a different outcome from direct institutional deals. The SEC had accused Ripple and two executives of conducting unregistered securities offerings through years of XRP sales and distributions across several channels. The court did not issue a blanket ruling that every future XRP sale falls outside securities law. Torres wrote that XRP, as a token, was not “in and of itself” an investment contract. She then examined how Ripple offered and sold the asset in separate transaction categories under the Howey test. Exchange and institutional sales received different outcomes Ripple‘s programmatic sales on exchanges did not qualify as investment contracts, the court found. Those trades used blind bid-and-ask systems. Buyers did not know whether Ripple or another holder sold the XRP. The record therefore failed to show that those buyers reasonably expected profits from Ripple’s work. The decision went the other way for about $728.9 million in institutional sales. Ripple sold those tokens through written agreements