IANAL The headline is misleading. The court ruled that Ripple's sales of XRP to institutional buyers were investment contracts, but that programmatic sales vi

IANAL The headline is misleading. The court ruled that Ripple's sales of XRP to institutional buyers were investment contracts, but that programmatic sales via an anonymous exchange were not. The ruling emphasises the distinction between an asset and an investment contract. An orange grove isn't an investment contract. The sale of an orange grove may or may not be an investment contract. Determining whether or not is governed by the Howie test. If ChatGPT is to be believed (ha!), secondary sales of common stocks are not investment contracts: https://chat.openai.com/share/d3865e23-9210-4977-bda5-b4ded8adf676 https://chat.openai.com/share/d3865e23-9210-4977-bda5-b4ded8... If you don't want to read the whole ruling, look at pages 13-15 and 22-24.