to Registered Investment Advisors on the nature of tokens, particularly in relation to their purchase via blind/bid transactions.
This comes on the heels of the ongoing Ripple Labs vs. SEC case, a landmark trial that is shaping the way tokens are viewed in the realm of securities. As VanEck notes, tokens acquired through programmatic, secondary sales, such as blind bid/ask transactions on decentralized exchanges, are not deemed securities. handed down a decision in favor of Ripple Labs. Her ruling clarified that XRP's programmatic sales to the general public and distributions to its employees did not equate to sales of unregistered securities.
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