Three years ago today, XRP won half the game—retail doesn’t count as securities, but that $728 million held by institutions didn’t get away. Ripple almost got pushed to the brink of death by the SEC, and this case is still a classic textbook for the regulatory standoff in crypto.

CoinWorld Network said that XRP Victory Day is its third anniversary. The ruling found that XRP itself is not a security, and the SEC’s attempt to characterize all XRP sales as unregistered investment contracts was dismissed. Retail secondary-market buyers have difficulty knowing where the funds go, so they cannot be expected to rely on Ripple’s profits. The court also found that Ripple’s direct sale of $728 million worth of tokens to institutional investors constituted an unregistered securities offering. These buyers were clearly aware that they were buying directly from Ripple. Ripple executives previously said they had considered shutting down the company due to pressure from the lawsuit.