What did Ripple win?

The crypto market has reacted positively to the summary judgment made in the SEC v. Ripple case, but what has actually been won?

From the official document, here or here,

For the reasons stated below, the SEC’s motion is GRANTED in part and DENIED in part, and Defendants’ motion is GRANTED in part and DENIED in part.

This is, after all, a summary judgment, clarifying the lines of disagreement so as to proceed to trial, or an out of court settlement.

XRP has surged to hit 90 cents, while BTC is at $31,500, so there must be the perception of some good news.

One day later, with some time for reflection, let's see how the court of opinion is reacting.

worth reading the whole thread.

XRP isn’t immutably a security or a commodity, but instead sometimes is involved in securities transactions and sometimes is involved in non-securities transactions. Basically, the token is just a token.

Now we come to the first big statement in the case: “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.

It seems like most (maybe all) XRP sold to institutional investors are securities, but different investors were subject to different contracts with Ripple.

The rest of this analysis doesn’t get much better for the SEC. The court just rejects the idea that even people who bought XRP expecting profits doesn’t prove Howey prong.
Why? Because “ripple didn’t make any promises” to the people who didn’t know they bought from Ripple.

This is where secondary sales are deemed not to be securities.

You often hear about judges being political and “splitting the baby,” where when faced with a hard case, they give a win to each side.
I kind of think that’s what happened here, it’s just that the victory was big for the industry overall.

It's a long thread - with 43 tweets - so have a good delve.