Torres said Ripple did not break the law when the XRP token was sold on public exchanges, because purchasers had no reasonable expectation of profit based on Ripple's efforts. Eighteen days later, however, US District Judge Jed Rakoff, who sits on the same court, ruled the opposite way in finding that the SEC had a "plausible claim" that the Terra USD token offered by Terraform Labs qualified as a security when sold on public exchanges. Torres' decision was not a total victory for Ripple, as she found that it violated securities laws by selling XRP to institutional investors. The judge must decide whether to let the SEC appeal her decision, and put the case on hold. Ripple, and lawyers for Ripple, Garlinghouse and Larsen did not immediately respond to requests for comment. Chaired by Gary Gensler, the SEC has brought more than 100 enforcement actions related to cryptocurrency, though many ended in settlements.