A court in the Southern District of New York granted the U.S. Securities and Exchange Commission’s (SEC) request for institutional sales of XRP by Ripple, but rejected requests for XRP sales on exchanges and through algorithms. According to the ruling, Ripple and other defendants’ requests regarding programmatic sales, other distribution, and sales by Bradley Garlinghouse and Christian A. Larsen were approved, while requests for institutional sales were denied. Adam Cochran, partner at Cinneamhain Ventures, believes that while this is good news and bad news for Ripple, it is almost an unexpected and huge victory for the altcoin market.