Jake Chervinsky, chief policy officer of the Blockchain Association, said on Twitter that the key to the Ripple case is that the "investment contract" analysis must focus on the transaction, not the asset; tokens are not securities, but token transactions can be, depending on the facts and circumstances. This is an important distinction that the industry has made over the years, and one that the SEC has ignored. The federal district court’s clear recognition of its validity is a huge shift in U.S. encryption regulation and a powerful refutation of the SEC’s securities law theory.

In addition, this ruling is particularly important in the case that the SEC is bringing against exchanges such as Coinbase that list token trading. Although the court did not directly say that trades on an exchange's order book were not securities transactions, it is difficult to interpret the ruling otherwise.