I think today was big for the GameStop NFT Marketplace. A federal judge ruled in favor of crypto: "the economic reality is that a [retail] buyer…did not know to whom or what it was paying its money.”

A digital asset not a security when sold on digital-asset exchanges to the general public.

https://s3.documentcloud.org/documents/23873557/govuscourtsnysd5510828740.pdf

Good evening, this is extremely complicated, still not completely decided, but I believe can be perceived as 'good news' for anyone with an interest in crypto--GameStop NFT anyone?

Wut mean?

• I do not want to get into Ripple to deep, as that is not on topic here but you need to know about them for this is the SEC previously sued Ripple Labs in 2020, alleging that XRP was a digital-asset security that was sold illegally without registration.
• The judge in this intermediate ruling applied the Howey test, which is used to determine whether a transaction is an investment contract and therefore a security.

The judge ruled it is not a security when sold on digital-asset exchanges to the general public.

• However, Ripple's sales to sophisticated institutional investors (hedge funds) did qualify as an unregistered sale of investment contracts, which is a violation of federal law.
• This ruling is significant for the crypto industry as it is a first ruling to determine whether cryptocurrencies are "securities" under federal law--in this instance NO!

TLDRS:

• This ruling is significant for the crypto industry as it is a first ruling to determine whether cryptocurrencies are "securities" under federal law--in this instance NO!
• Again, a Federal judge has ruled a digital asset is not a security when sold on digital-asset exchanges to the general public.
• Doesn't GameStop NFT sell digital assets on it NFT Marketplace (exchange) to the general public?
• Is an intermediate ruling and not done but is still bullish!

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