BryanJ on Nostr: 🚨 Today a different SDNY District Court Judge emphatically rejected Judge Torres' ...

🚨 Today a different SDNY District Court Judge emphatically rejected Judge Torres' Howey analysis in the recent Ripple case. Recall that Torres held that sales of XRP to institutional investors could be unregistered securities while similar "programmatic" sales to retail were perfectly acceptable.

Unlike Torres, this District Court (which is considering the SEC's action against Do Kwon and Terra Luna) flatly declared that Howey "makes no such distinction between purchasers."

This is the first court to have occasion to analyze a token offering since Judge Torres put forward her novel (and in my view, incorrect) view on the distinction between institutional and programmatic sales.

And it was not a favorable early reception.