Bloomberg: The US judge in charge of the Terra case rejects the ruling that "XRP is not a security when sold to the public in the secondary market".

According to BlockBeats news on August 1st, US District Judge Jed Rakoff has allowed the US Securities and Exchange Commission (SEC) to continue its case against Terraform Labs and its founder Do Kwon. He also refused to differentiate between public and institutional sales in the Ripple case, stating that "the court refuses to distinguish between tokens sold directly to institutional investors, which are considered securities, and tokens sold to retail investors through secondary market trading," which contradicts the ruling of another judge in July who had determined that XRP tokens were not securities when sold to the public on secondary markets. Previously, in mid-July, the US Southern District of New York federal court ruled in favor of Ripple against SEC's accusations, stating that XRP itself did not meet the "contract, transaction, or scheme" requirement of the Howey Test, but that Ripple's institutional sale of XRP constituted an unregistered investment contract offer and sale.