The article discusses the aftermath of the US District Court ruling on Ripple Labs and its cryptocurrency, XRP. The court ruling has caused shockwaves in the crypto landscape, but the legal battles are ongoing and celebrations may be premature. The court differentiated between different groups of purchasers based on the information available to them, which is an unusual decision with potential far-reaching consequences. The crypto industry has long sought a transaction-focused approach to the Howey test, and the Ripple decision seems to provide that. The article questions whether the crypto community celebrated too early.
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