By now you’ve all heard the great news coming out of the Southern District of New York: Ripple defeated the SEC!! This is, no doubt, an enormous win for Ripple and the crypto community writ large, but it’s not the end of the fight. And and some of the hot takes you read on Twitter (or Threads?) are…less than accurate. Shocking, I know. On today’s episode, I share my brief summary of the order, what’s celebration-worthy, and what isn’t.Key Points From This Episode:Summary of the Ripple order: Is XRP a security? No. Did Ripple sell a security when it sold XRP? Sometimes.Difference between an asset, and an investment contract in respect of that asset.Why comparing this analysis to shares of Apple stock misses a key distinction.More of your favorite Supreme Court case from 1946 (Howey!).Why this order makes the SEC’s case against Coinbase (and others) harder.What’s head-scratchy in the order?Could this make actual crypto legislation more likely?Disclaimer:This show is for informational purposes only. Nothing presented here constitutes legal advice. Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/Links Mentioned in Today’s Episode:Link to final order - https://www.nysd.uscourts.gov/sites/default/files/2023-07/SEC%20vs%20Ripple%207-13-23.pdf  Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/Cole-Frieman & Mallon LLP - https://colefrieman.com/Music by Joe Ginsberg - https://www.instagram.com/thejoeginsbergFor any questions or comments, email: [email protected]

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