What Haun says
Last week, Analisa Torres decided that the Ripple coin cannot be a security when it is sold on the secondary market. At the same time, she did not extend it to proposals that are made to major market players.
The report states that the court decided to draw a sober line, making distinctions between the coin and operations with it. She singled out operations with Ripple, which are carried out by institutional investors, into securities. She explained this by the fact that in such transactions Ripple assumed some obligations. As a result, this applies to the investment contract according to the Haun test. At the same time, the judge noted that the sale of coins on the secondary market no longer belongs to the category of buying securities. This is due to the fact that the issuing company is no longer involved in such transactions, therefore, it does not assume obligations.
At the same time, Haun notes that the agency can appeal. However, this is unlikely, because the commission only benefits from confusion. If she loses the appeal, her enforcement program will be disrupted.