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ARTICLE · 26 JULY 2023

Defining Digital Asset Securities: US District Court Issues Summary Judgment Rulings In SEC V. Ripple Labs

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For the past several years, many have viewed "SEC v. Ripple" as one of the defining conflicts in the US crypto regulatory landscape.

United StatesTechnology
Joseph A. Castelluccio
Joseph A. Castelluccio
Anna T. Pinedo
Anna T. Pinedo
Matthew F. Kluchenek
Matthew F. Kluchenek
Steffen Hemmerich
Steffen Hemmerich
Brandon Birdsall
Brandon Birdsall
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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 US securities law purposes. In a closely-watched ruling, on July 13, 2023 the US federal court hearing the case ruled on the parties' cross-motions for summary judgment and made several key determinations on this question. While the Court's decision provides a number of meaningful rulings, it leaves many questions unanswered and will not be the final chapter in this long-running dispute. Among the important findings are the Court's holdings that:

  • In the words of the Court, "XRP, as a digital token, is not in and of itself a contract, transaction[,] or scheme that embodies the Howey requirements of an investment contract."1

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