There is no doubt that the event of the cryptocurrency market today was the judge's decision in the SEC and Ripple case. The court decision was accepted as Ripple's victory, although it had a dual aspect. This in turn ignited XRP. However, the SEC made its first statement, looking at the other side of the issue.

First statement from SEC on court decision
The court said the company's programmatic sales of XRP were not illegal. However, Ripple has yet to get away with it. The federal judge presiding over Ripple Lab's lawsuit against the Securities and Exchange Commission ruled that the XRP token "is not a security in itself," except when it is sold to raise funds from institutions. This caused an air of triumph in the market. However, the "except when sold to raise funds from institutions" part of the decision is also important. As a matter of fact, the SEC made a statement that drew attention to this point. The SEC underlined the following points in its statement regarding the decision:
We are pleased that the court found that XRP tokens were offered and sold by Ripple as investment contracts that 'violate securities laws in certain circumstances'. In addition, the Court has accepted before the SEC that the Howey test can be used for securities analysis of cryptocurrency transactions. Therefore, he rejected Ripple's fitting test on what constitutes an investment contract. Instead, he stressed that Howey and subsequent lawsuits ruled that various tangible and intangible assets could be the subject of an investment contract. Moreover, the Court agreed that the Howey test was clear. Accordingly, it rejected Ripple's fair notification argument, stating that the non-disclosure claim is not a defense for violating securities laws. We will continue to review the decision.
Who is the winner in the SEC and Ripple war?
The federal judge ruled that the XRP token “is not a security in itself”, except when it is sold to raise funds from institutions. Federal district judge Analisa Torres ruled that programmatic sales to public buyers and distributions of XRP to Ripple Labs employees do not constitute unregistered sales of securities. However, the Court did not address the secondary market sales of XRP on cryptocurrency exchanges.
Therefore, the judge concluded that $728 million worth of institutional sales contracts constitute unregistered sales of securities, and that these investors “will have bought XRP with the expectation that they will profit from Ripple's efforts.” Torres wrote in his decision:
Therefore, considering the economic reality surrounding Institutional Sales and the totality of circumstances, the Court concluded that Ripple's Corporate XRP sales constitute the unregistered offering and sale of investment contracts in violation of Section 5 of the Securities Act.
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