On July 13, 2023, a decision was rendered by the New York Court in the case filed by the US Securities and Exchange Commission (hereinafter referred to as SEC) against Ripple Labs Inc (hereinafter referred to as ripple). Although the decision has been described as a “victory for ripple” on social media and cryptocurrency markets, when we start reading the text of the decision, we can see that there is actually no “victory” even in the first paragraphs. In this article, we aim to analyze the text of the decision in headings and share our opinion without going too deep into the American legal system, but in order to be understandable. Read more