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.