It’s not quite that simple, even in XRP’s case specifically. The court said that secondary algorithmic sales of XRP did not constitute trading investment contra

It’s not quite that simple, even in XRP’s case specifically. The court said that secondary algorithmic sales of XRP did not constitute trading investment contracts, however they also ruled that Ripple sold an unregistered security in their initial offer of XRP. What was that security? XRP! Look, we found a grey area again.