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The judge seems to have wholeheartedly agreed with Coinbase’s central argument that tokens are only investment contracts when sold in an initial coin offering — subsequent secondary transactions are not.

Even the “programmatic sales” of XRP by Ripple Labs do not constitute securities transactions: “Individuals who purchased XRP from digital asset exchanges did not invest their money in Ripple at all.”

“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.”