„If the ruling is adopted by the court of appeals, it potentially provides a pathway for projects to raise funds,“ Gulovsen said. Judge Torres‘ ruling may also prove to be an outlier. Another judge in the same court, Judge Jed Rakoff, explicitly rejected Judge Torres‘ analysis in a summary judgment ruling of his own in the SEC’s case against Terraform Labs – though, of course, the circumstances of that ruling are unique to that case, as the circumstances of the Ripple ruling are unique to this case.
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