[{"data":1,"prerenderedAt":377},["ShallowReactive",2],{"$fgukOamtKU1RtUiMFsqdObttmqPPQz0uc7bl_gj_LyX0":3,"$ftQkH2J6pLp8yEUuysNQ3XczwfdvuJUSzWz79-K0bkOk":245,"article-433":376},{"code":4,"msg":5,"data":6},0,"",{"category":7,"tag":11,"popular":19,"latest":86,"banner":126,"list":151,"cache":244},[8,9,10],"Agent","OpenAI","LLM",[8,12,13,14,9,10,15,16,17,18],"Google","Nvidia","Claude","DeepSeek","OCR","Chat","Generator",[20,29,37,45,54,62,70,79],{"id":21,"publish_date":22,"is_original":23,"collection":5,"cover_url":24,"cover_url_1_1":25,"title":26,"summary":27,"author":28},411,"2023-09-10",1,"article_res/cover/451ef50c225a8dc61c4336506794d13b.jpeg","article_res/cover/3ba9dc7a72f87d40b20fc2d225289ee3.jpeg","Idealism","Reality is created by the mind, we can change our reality by changing our mind. - Plato","Renee's Entrepreneurial Journey",{"id":30,"publish_date":31,"is_original":23,"collection":32,"cover_url":33,"cover_url_1_1":34,"title":35,"summary":36,"author":28},108,"2024-12-07","#LLM #AGI #AI Agent","article_res/cover/0039044422e4ec9f61c18e8ee1693bb0.jpeg","article_res/cover/4220971b108a91d21407d87bb02fbaa6.jpeg","Freysa.ai: The World's First Adversarial AI Agent Game","说服 Freysa 把钱包里的钱都拿出来",{"id":38,"publish_date":39,"is_original":23,"collection":40,"cover_url":41,"cover_url_1_1":42,"title":43,"summary":44,"author":28},12,"2025-03-09","#Oxford #Reasoning #LLM #Tool Use","article_res/cover/d448e9b3617a0b5302e1bd10c438bca9.jpeg","article_res/cover/864a468f9cc4c9317efadb3811909888.jpeg","Agentic Reasoning Framework - Significantly enhance the reasoning ability of LLMs through the integration of external tools using agents","Agentic Reasoning: Reasoning LLMs with Tools for Deep Research",{"id":46,"publish_date":47,"is_original":4,"collection":48,"cover_url":49,"cover_url_1_1":50,"title":51,"summary":52,"author":53},480,"2023-04-14","#Stable Diffusion","article_res/cover/0bdbe7cb1de4a78e54536e5d9afa7ec9.jpeg","article_res/cover/b3d6ffec0608dcfaf18c5a69906d1490.jpeg","【AIGC Learning】Generate Prompts Using Word Graphs - Stable Diffusion Web UI Series 13","AI will become a powerful tool in education, transforming the way we learn and deliver instruction.  \n- Reid Hoffman","--",{"id":55,"publish_date":56,"is_original":4,"collection":57,"cover_url":58,"cover_url_1_1":59,"title":60,"summary":61,"author":28},413,"2023-09-08","#Neuroscience","article_res/cover/74f8302d78a23d9430f22171eae136b6.jpeg","article_res/cover/87ca08af81bb304746be5261160964c0.jpeg","Can machines be conscious?","Do we have an ethical obligation to not turn off conscious machines? Would turning them off be murder? No. I don't lose any sleep over unplugging a conscious machine.\n- Jeff Hawkins, \"A Thousand Brains\"",{"id":63,"publish_date":64,"is_original":23,"collection":65,"cover_url":66,"cover_url_1_1":67,"title":68,"summary":69,"author":28},178,"2024-09-09","#Entrepreneurship","article_res/cover/a7224f025b55d1820408085faef63079.jpeg","article_res/cover/11a9995b096cbf64465ef01b8673b154.jpeg","37signals company","This damn sense of relaxation",{"id":71,"publish_date":72,"is_original":4,"collection":73,"cover_url":74,"cover_url_1_1":75,"title":76,"summary":77,"author":78},460,"2023-05-12","#Google","article_res/cover/b970687b12faa52da976f91248c2aa7b.jpeg","article_res/cover/d1e71b52cfd2c63bc6e71f3e85ff135c.jpeg","Learn what BRC-20 and Ordinals are using Google Bard","Ordinals - a new protocol that allows users to store arbitrary data on the Bitcoin blockchain","Google Bard mainly writes",{"id":80,"publish_date":81,"is_original":23,"collection":5,"cover_url":82,"cover_url_1_1":83,"title":84,"summary":85,"author":28},309,"2024-03-26","article_res/cover/9877f95894ee88532d0e6012c23a2df3.jpeg","article_res/cover/20092164ddc109ce6ae56b1984246751.jpeg","Learning the Cancun Upgrade with lepton and perplexity","Building a quick conversation-based search demo with Lepton AI.",[87,95,103,111,119],{"id":88,"publish_date":89,"is_original":23,"collection":90,"cover_url":91,"cover_url_1_1":92,"title":93,"summary":94,"author":28},627,"2025-03-20","#AI Avatar #AI Video Generation","article_res/cover/d95481358f73924989f8c4ee9c75d1c8.jpeg","article_res/cover/b74bc0fab01f8b6a6aa87696c0c3ed8b.jpeg","DisPose: Generating Animated Videos by Driving Video with Reference Images","DisPose is a controllable human image animation method that enhances video generation.",{"id":96,"publish_date":97,"is_original":23,"collection":98,"cover_url":99,"cover_url_1_1":100,"title":101,"summary":102,"author":28},626,"2025-03-21","#Deep Dive into LLMs #LLM #RL #Andrej Karpathy #AlphaGo","article_res/cover/446553a5c8f8f2f07d97b20eaee84e56.jpeg","article_res/cover/e6c2823409c9b34624064b9acbaca6f1.jpeg","AlphaGo and the Power of Reinforcement Learning - Andrej Karpathy's Deep Dive on LLMs (Part 9)","Simply learning from humans will never surpass human capabilities.",{"id":104,"publish_date":105,"is_original":23,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":28},625,"2025-03-22","#Deep Dive into LLMs #LLM #RL #RLHF #Andrej Karpathy","article_res/cover/8da81d38b1e5cf558a164710fd8a5389.jpeg","article_res/cover/96f028d76c362a99a0dd56389e8f7a9b.jpeg","Reinforcement Learning from Human Feedback (RLHF) - Andrej Karpathy's Deep Dive on LLMs (Part 10)","Fine-Tuning Language Models from Human Preferences",{"id":112,"publish_date":113,"is_original":23,"collection":114,"cover_url":115,"cover_url_1_1":116,"title":117,"summary":118,"author":28},624,"2025-03-23","#Deep Dive into LLMs #LLM #Andrej Karpathy #AI Agent #MMM","article_res/cover/a5e7c3d48bb09109684d6513287c661d.jpeg","article_res/cover/d3f22b7c0ab8d82fd2da457a299e0773.jpeg","The Future of Large Language Models - Andrej Karpathy's In-Depth Explanation of LLM (Part 11)","preview of things to come",{"id":120,"publish_date":113,"is_original":23,"collection":121,"cover_url":122,"cover_url_1_1":123,"title":124,"summary":125,"author":28},623,"#Google #Voe #AI Video Generation","article_res/cover/c44062fea0f336c2b96b3928292392c2.jpeg","article_res/cover/a041041c69092ad3db191c5bf3ff981b.jpeg","Trial of Google's video generation model VOE2","Our state-of-the-art video generation model",[127,135,143],{"id":128,"publish_date":129,"is_original":23,"collection":130,"cover_url":131,"cover_url_1_1":132,"title":133,"summary":134,"author":28},300,"2024-04-16","#AI in Science #AGI","article_res/cover/6bf01e793e0f33e848572412eebdf9b0.jpeg","article_res/cover/91a5ee21dafecb914fabeb9430d46ec1.jpeg","Would Einstein lose his job - 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An automated website-building platform composed of multiple AI Agents","Your 24/7 AI Team | Dream, Chat, Create.",{"title":182,"list":183},"OPENAI",[184,191,199,206],{"id":185,"publish_date":167,"is_original":23,"collection":186,"cover_url":187,"cover_url_1_1":188,"title":189,"summary":190,"author":28},619,"#OpenAI #AI Image Generator #4o #MMM #AR Transformer","article_res/cover/2faffc97fcecf3151552cb0fd3206d89.jpeg","article_res/cover/1133cb4948af44cee2e7fbe79efb69e5.jpeg","The native image function of GPT-4o is officially launched","Introducing 4o Image Generation",{"id":192,"publish_date":193,"is_original":4,"collection":194,"cover_url":195,"cover_url_1_1":196,"title":197,"summary":198,"author":28},434,"2023-07-15","#Anthropic #OpenAI #Google #AI Code Generator #Claude","article_res/cover/e1b6f600a2b9f262a4392684e5f2ce25.jpeg","article_res/cover/6e1772e83f78f9a351ab23d3e414adee.jpeg","Latest Updates on Google Bard /Anthropic Claude2 / ChatGPT Code Interpreter","We want our models to use their programming skills to provide more natural interfaces to the basic functions of our computers.  \n - OpenAI",{"id":200,"publish_date":201,"is_original":4,"collection":146,"cover_url":202,"cover_url_1_1":203,"title":204,"summary":205,"author":28},417,"2023-08-24","article_res/cover/bccf897d50a88b18364e35f7466387e0.jpeg","article_res/cover/2f871085c1073717c1703ae86e18056f.jpeg","The GPT-3.5 Turbo fine-tuning (fine-tuning function) has been released～","Developers can now bring their own data to customize GPT-3.5 Turbo for their use cases.",{"id":207,"publish_date":208,"is_original":4,"collection":209,"cover_url":210,"cover_url_1_1":211,"title":212,"summary":213,"author":28},407,"2023-09-22","#OpenAI #AI Image Generator","article_res/cover/c59005e903d35cfc32346e2756e2728a.jpeg","article_res/cover/ba011d265e6d84b5c8cb6fd6b757b6cc.jpeg","Dall-E 3","DALL·E 3 understands significantly more nuance and detail, allowing you to easily translate your ideas into images.",[215,221,241],{"title":10,"list":216},[217,218,219,220],{"id":96,"publish_date":97,"is_original":23,"collection":98,"cover_url":99,"cover_url_1_1":100,"title":101,"summary":102,"author":28},{"id":104,"publish_date":105,"is_original":23,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":28},{"id":112,"publish_date":113,"is_original":23,"collection":114,"cover_url":115,"cover_url_1_1":116,"title":117,"summary":118,"author":28},{"id":166,"publish_date":167,"is_original":23,"collection":168,"cover_url":169,"cover_url_1_1":170,"title":171,"summary":172,"author":28},{"title":222,"list":223},"GOOGLE",[224,225,226,234],{"id":120,"publish_date":113,"is_original":23,"collection":121,"cover_url":122,"cover_url_1_1":123,"title":124,"summary":125,"author":28},{"id":166,"publish_date":167,"is_original":23,"collection":168,"cover_url":169,"cover_url_1_1":170,"title":171,"summary":172,"author":28},{"id":227,"publish_date":228,"is_original":23,"collection":229,"cover_url":230,"cover_url_1_1":231,"title":232,"summary":233,"author":28},615,"2025-03-30","#AI Researcher #AI Science #HKU #Google #AI Agent","article_res/cover/21fadf906067714bb0db31ae13a77c15.jpeg","article_res/cover/2697999a72bd26b22e85f0e92936d3ed.jpeg","AI-Researcher: LLM-driven全自动 scientific research assistant","AI-Researcher: Fully-Automated Scientific Discovery with LLM Agents  \nOpen-Sourced Alternative to Google AI Co-Scientist",{"id":235,"publish_date":236,"is_original":23,"collection":73,"cover_url":237,"cover_url_1_1":238,"title":239,"summary":240,"author":28},463,"2023-05-09","article_res/cover/89800f207723acdb55fc53bf999ebdc9.jpeg","article_res/cover/5764f369b4accd8f83e94aa4c077a175.jpeg","The Smallville sandbox world - A town with 25 virtual residents","Believable proxies of human behavior can empower interactive apps: Immersive environment, Rehearsal space, Prototyping tool",{"title":242,"list":243},"NVIDIA",[],true,{"code":4,"msg":5,"data":246},{"id":247,"publish_date":248,"is_original":4,"collection":5,"articles_id":249,"cover_url":250,"cover_url_1_1":251,"title":252,"summary":253,"author":254,"content":255,"popular":256,"list":324,"category":374,"tag":375},433,"2023-07-16","dpaoU7zL3uVWsJXcEeccXA","article_res/cover/ca3482d96ae636eab811ceea3f688b18.jpeg","article_res/cover/5cc44dd7e13714ecd8e3df63140ee6b9.jpeg","The Beginning and End of Ripple's Investigation by the SEC","XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme.”  \n-Brad Garlinghouse, CEO of Ripple","chatGPT Main Writer","\u003Cdiv class=\"rich_media_content js_underline_content\n                       autoTypeSetting24psection\n            \" id=\"js_content\">\u003Csection data-tool=\"mdnice编辑器\" data-website=\"https://www.mdnice.com\" style='font-size: 16px;color: black;padding: 0px 10px;line-height: 1.6;word-spacing: 0px;letter-spacing: 0px;word-break: break-word;overflow-wrap: break-word;text-align: left;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;'>\u003Ch2 data-tool=\"mdnice编辑器\" style=\"margin-top: 30px;margin-bottom: 15px;padding: 0px;font-weight: bold;color: black;font-size: 22px;\">Introduction to Ripple\u003C/h2>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">Ripple is a U.S.-based blockchain technology and digital asset company. Ripple developed the RippleNet payment network and issued the XRP cryptocurrency.\u003C/p>\u003Cul data-tool=\"mdnice编辑器\" style=\"margin-top: 8px;margin-bottom: 8px;padding-left: 25px;color: black;list-style-type: disc;\" class=\"list-paddingleft-1\">\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">RippleNet is an open, decentralized payment network that enables banks and financial institutions to conduct low-cost, efficient cross-border payments.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">The XRP token is the digital asset used for payments on RippleNet.\u003C/section>\u003C/li>\u003C/ul>\u003Ch2 data-tool=\"mdnice编辑器\" style=\"margin-top: 30px;margin-bottom: 15px;padding: 0px;font-weight: bold;color: black;font-size: 22px;\">SEC's lawsuit against Ripple\u003C/h2>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and its co-founders Brad Garlinghouse and Chris Larsen, accusing them of failing to register XRP as a security before offering token sales or other consideration valued at $1.38 billion. The failure to register XRP as a security violated laws prohibiting the sale of unregistered securities.\u003C/p>\u003Cul data-tool=\"mdnice编辑器\" style=\"margin-top: 8px;margin-bottom: 8px;padding-left: 25px;color: black;list-style-type: disc;\" class=\"list-paddingleft-1\">\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">because it represents an investment contract, granting investors ownership or profit-sharing rights in Ripple. The founders of Ripple held large amounts of XRP prior to its public offering, which the SEC believes violates the obligations of securities issuers.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">. Ripple emphasizes that XRP is a digital asset with specific uses, intended for payments on RippleNet, which helps enhance the liquidity of cross-border payments. It does not offer ownership or rights to profits in Ripple company.\u003C/section>\u003C/li>\u003C/ul>\u003Ch2 data-tool=\"mdnice编辑器\" style=\"margin-top: 30px;margin-bottom: 15px;padding: 0px;font-weight: bold;color: black;font-size: 22px;\">Howey Test\u003C/h2>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">Before continuing with the timeline analysis, let's first look at the Howey Test. The Howey Test is a standard used under U.S. securities law to determine whether a particular transaction constitutes an investment contract, and thus must comply with securities regulations. This test originates from a 1946 Supreme Court case, SEC v. W.J. Howey Co.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">The Howey Test includes the following four elements:\u003C/p>\u003Col data-tool=\"mdnice编辑器\" style=\"margin-top: 8px;margin-bottom: 8px;padding-left: 25px;color: black;list-style-type: decimal;\" class=\"list-paddingleft-1\">\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">Investment of money: This means that the transaction involves the commitment of funds. It does not have to be cash; it can also be goods, services, or at the cost of certain rights.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">In a common enterprise: The investor invests in an enterprise that involves multiple participants.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">Expectation of profit: The purpose of the investor is to hope to make a profit from the transaction.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">Profit derived from the efforts of others: The expected profits of investors mainly come from the efforts of others outside the investor. This means that investors rely on others rather than their own efforts to obtain profits.\u003C/section>\u003C/li>\u003C/ol>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">If a transaction meets all four of these conditions, then in the United States, it will be considered an investment contract and subject to U.S. securities laws. This is what's known as the Howey Test.\u003C/p>\u003Ch2 data-tool=\"mdnice编辑器\" style=\"margin-top: 30px;margin-bottom: 15px;padding: 0px;font-weight: bold;color: black;font-size: 22px;\">Timeline\u003C/h2>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">Since 2021, the SEC and Ripple have engaged in multiple rounds of litigation over this case. The focus of the dispute has primarily centered on the legal status of XRP and whether Ripple violated securities laws by selling XRP as a security.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">U.S. District Judge Analisa Torres of the Southern District of New York supported the SEC's position, ruling that Ripple must provide internal communications and reports from 2012 to 2020 related to XRP sales strategies and marketing to the SEC. The court deemed these documents relevant to the facts of the case and found no reasonable justification for Ripple to withhold them.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">The judge rejected the SEC's motion and did not rule XRP as a security because the SEC failed to provide sufficient evidence to support its allegations. In June 2022, the court also dismissed Ripple's request to completely dismiss the litigation. At this point, the litigation between the SEC and Ripple was still ongoing.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">The SEC filed a motion requesting the judge to postpone the trial so that it could have more time for trial preparation. Ripple opposed the motion and stated that it was ready for the trial.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">The judge granted the SEC's motion to delay the trial, which is now set to begin in February 2023.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">Ripple Labs secured a partial victory in the SEC's lawsuit against it. U.S. District Judge Analisa Torres ruled that Ripple Labs did not violate federal securities laws by selling its XRP tokens through public exchanges. However, she also sided with the SEC on part of its case, agreeing that Ripple violated federal securities laws by directly selling XRP to informed investors.\u003C/p>\u003Ch2 data-tool=\"mdnice编辑器\" style=\"margin-top: 30px;margin-bottom: 15px;padding: 0px;font-weight: bold;color: black;font-size: 22px;\">Interpretation of the ruling\u003C/h2>\u003Col data-tool=\"mdnice编辑器\" style=\"margin-top: 8px;margin-bottom: 8px;padding-left: 25px;color: black;list-style-type: decimal;\" class=\"list-paddingleft-1\">\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">The court determined that XRP, as a digital token, does not meet the criteria of the Howey test and therefore cannot be considered a security.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">The securities nature of XRP has no direct connection with whether its transactions constitute an investment contract. After all, some commodity transactions may also be regarded as investment contracts, which entirely depends on the specific sales situation.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">The validity of such transactions constituting an investment contract should be reviewed separately for each type of transaction. In the SEC's statement, various forms of Ripple's transactions constituted unregistered issuance and sale of XRP, one of which—the institutional sales by Ripple—met all four criteria of the Howey test.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">Investors who purchased XRP tokens sold through Ripple's programmatic issuance made blind trades, as they had no way of knowing whether Ripple had received their funds. The court ruled that such transactions did not constitute an investment contract.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">The allocation of XRP tokens used to pay employee compensation and compensate third-party developers for developing XRP and its ledger was not considered an investment contract, because in this case, there were no investors injecting funds into Ripple.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;text-align: left;color: rgb(1,1,1);font-weight: 500;\">XRP sales in the secondary market were not included in the scope of review in this case, so it is currently uncertain whether such issuance or sales constitute an investment contract.\u003C/section>\u003C/li>\u003C/ol>\u003Ch2 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 22px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>Impact of the Event\u003C/h2>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">Although this decision does not fully support Ripple, as the judge also ruled that Ripple's direct sales of XRP to sophisticated investors violated federal securities laws, it still represents a significant victory for Ripple. Even though there may be appeals, this could provide strong arguments for other cryptocurrency companies that are disputing with the SEC over whether their products fall within regulatory boundaries. The ruling had a major impact on the price of XRP, which surged by up to 80% after the decision. Additionally, this ruling positively affected other cryptocurrency exchanges in legal disputes with the SEC, such as Coinbase, whose shares rose nearly 25% on the day.\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-ratio=\"2.2212581344902387\" data-s=\"300,640\" data-type=\"jpeg\" data-w=\"922\" style=\"\" src=\"./assets/17434959627340.14712611503206907.jpeg\">\u003C/p>\u003Cp>\u003Cbr>\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style=\"font-size: 16px;padding-top: 8px;padding-bottom: 8px;margin: 0;line-height: 26px;color: black;\">Ripple Labs CEO Brad Garlinghouse stated that he believes the legal battle with the SEC is nearing an end. 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