Glossary
Security (in crypto law)
In US law, a token sale can be a securities offering if buyers invest expecting profits from others' efforts.
Courts use the Howey test from a 1946 Supreme Court case. The SEC v. Ripple case applied it to XRP and found institutional sales were securities offerings while exchange sales were not.
See it in the timelines
Updated
Sources
Facts written in our own words. Last checked Oct 14, 2026.