Odaily News According to documents released by the Southern District Court of New York, the SEC's motion for a summary judgment regarding the institutional sales of XRP in the Ripple litigation case has been granted, while other aspects have been denied. The defendant Ripple's motion for summary judgment regarding programmatic sales, other distributions, and the sales actions of Bradley Garlinghouse and Christian A. Larsen has been approved, while the motion regarding institutional sales has been denied. The court should issue a separate order at the appropriate time to determine the trial date and related pretrial deadlines.

Adam Cochran, partner at Cinneamhain Ventures, tweeted that regarding the Ripple case, there is both good news and bad news. But for all the altcoins, this is mostly very good news and an unexpected big victory for XRP.

Firstly, the judge did acknowledge that institutional sales/fundraising are securities. However, programmatic sales on exchanges did not meet the third prong of the Howey test. Therefore, selling to users through exchanges is permissible as long as it is done through order books rather than methods like ICO/IEO/Launchpad. Bounties, investments in others using XRP, grants of XRP, and transfers of XRP to executives are also not considered securities.

Overall, it is a huge victory. XRP is a more centralized foundation in the industry, with a key person in charge, conducting standard sales through exchanges, and having a formal distribution plan. If these are not securities, then almost everything sold through exchanges is not securities.

The lessons learned are as follows: refrain from institutional private fundraising/off-exchange trading; sales should be done through exchanges; distribution through protocol-native means.

Adam Cochran states that if XRP is not a security, then BTC and ETH clearly are not securities either. One big winner here is the exchanges. If institutional sales, off-exchange trading, and direct token sale fundraising are all considered securities, then all sales will once again be conducted through public order books. There will no longer be billions of dollars in convertible financing.

It should be noted that this ruling is specific to the motion for summary judgment, so further trial and appeals can still take place. This does not mean the case is closed, but it is a very significant victory with solid reasoning.