On the second class of gross sales, programmatic gross sales, the Court docket present in Ripple’s favor, arguing that the third, “expectation of income” prong of Howey was not met. “Ripple’s Programmatic Gross sales have been blind bid/ask transactions,” the Court docket wrote, “and Programmatic Patrons couldn’t have identified if their funds of cash went to Ripple, or some other vendor of XRP” and as such “a Programmatic Purchaser stood in the identical sneakers as a secondary market purchaser who didn’t know to whom or what it was paying its cash.”
