In part of an ongoing struggle to determine how cryptocurrency fits into existing financial structures, a federal judge issued a July 2023 judgment around whether XRP, the native crypto token for Ripple Labs, was a security or not. The verdict? Depends on the transaction in question. Join us to unpack what is really going on in the Ripple decision with Colin Lloyd, partner in Sullivan Cromwell's Commodities, Futures and Derivatives and Capital Markets Groups.