The judge held that the XRP token itself is not a security, but the transactions and schemes around trading it need to discuss.


The Judge: "XRP, as a digital token, is not in and of itself a “contract, transaction, or scheme” that embodies the Howey requirements of an investment contract.


Rather, the Court examines the totality of circumstances surrounding Defendants’ different transactions and schemes involving the sale and distribution of XRP.  "


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