In a closely-watched ruling, on July 13, 2023, a US federal court granted summary judgment and made several key determinations on the question of whether digital tokens are “securities” for US securities law purposes. While the Court’s decision provides a number of meaningful rulings, it leaves many questions unanswered and will not be the final chapter in this long-running dispute. In this Legal Update, we examine the key takeaways from the ruling, what questions remain unanswered, and what traders will need to know from the decision.

To learn more, see our legal update.