“The courtroom declines to search out as a matter of regulation {that a} cheap investor would have derived any expectation of revenue from normal cryptocurrency market traits, versus Ripple’s efforts to facilitate XRP’s use in cross-border funds, amongst different issues,” Hamilton wrote. “Accordingly, the [court] can not discover as a matter of regulation that Ripple’s conduct wouldn’t have led an inexpensive investor to have an expectation of revenue as a result of efforts of others.”
