SEC called XRP a security, Ripple’s David Schwartz says

Ripple CTO David Schwartz challenges claims that the SEC focused only on Ripple’s XRP sales, arguing that the SEC portrayed XRP itself as a security during litigation. The court ultimately separated XRP tokens from transactions, rejecting programmatic sales while penalizing institutional deals. The SEC complaint used broad language around XRP, and the final judgment kept a penalty and injunction tied to future unregistered institutional sales. The XRP community marked the third anniversary of the 2023 ruling, and there is ongoing dispute over the SEC’s legal burden and public wording.