Partners Kayvan Sadeghi and Michelle Kallen Discuss Ripple Labs Case for Reuters
News
July 14, 2023
Partners Kayvan Sadeghi and Michelle Kallen were interviewed by Reuters for an article that focused on a recent landmark decision addressing whether digital assets are securities. Judge Torres of the Southern District of New York ruled that XRP tokens themselves are not securities and that Ripple Labs’ sales in a secondary market were not securities transactions. In the article, Kayvan and Michelle suggest that the Torres approach “won’t necessarily preclude classwide securities fraud claims against token issuers, but it will complicate them, especially if other judges adopt Torres’s reasoning that federal securities laws do not apply when retail investors buy tokens from unknown sellers on crypto exchanges.”
Kayvan is a Co-Chair of the firm’s Fintech and Crypto Assets Practice who authored an amicus supporting Ripple in this case. Michelle is a partner in the Appellate Practice and the Government Controversies and Public Policy Litigation Practice.
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© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
News
July 14, 2023
Partners Kayvan Sadeghi and Michelle Kallen were interviewed by Reuters for an article that focused on a recent landmark decision addressing whether digital assets are securities. Judge Torres of the Southern District of New York ruled that XRP tokens themselves are not securities and that Ripple Labs’ sales in a secondary market were not securities transactions. In the article, Kayvan and Michelle suggest that the Torres approach “won’t necessarily preclude classwide securities fraud claims against token issuers, but it will complicate them, especially if other judges adopt Torres’s reasoning that federal securities laws do not apply when retail investors buy tokens from unknown sellers on crypto exchanges.”
Kayvan is a Co-Chair of the firm’s Fintech and Crypto Assets Practice who authored an amicus supporting Ripple in this case. Michelle is a partner in the Appellate Practice and the Government Controversies and Public Policy Litigation Practice.
Related Attorneys
Related Locations
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
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