On July 13, 2023, a decision was rendered by the New York Court in the case filed by the US Securities and Exchange Commission (hereinafter referred to as SEC) against Ripple Labs Inc (hereinafter referred to as ripple). Although the decision has been described as a "victory for ripple" on social media and cryptocurrency markets, when we start reading the text of the decision, we can see that there is actually no "victory" even in the first paragraphs. In this article, we aim to analyze the text of the decision in headings and share our opinion without going too deep into the American legal system, but in order to be understandable. SUBJECT OF LAWSUIT The case was brought by the SEC against Ripple and two company executives (Bradley Garlinghouse and Christian A. Larsen) for illegal offers and sales of securities in violation of Securities Act regulations. Company executives were also alleged to have aided and abetted the company's violations of the law. WHAT HAPPENED? As a factual background in the decision, it is seen that an examination was made from the establishment of ripple (first NewCoin Inc. then OpenCoin Inc. and finally until its establishment as Ripple Labs in 2014). It is claimed that 20 billion of the 100 billion xrp that ripple offered to the market was owned by the 3 founders, ripple had 80 billion xrp, ripple sold xrp directly to certain individuals and/or organizations (primarily institutional buyers, venture funds, ODL customers *Open and Distance Learning) through institutional sales through its wholly owned subsidiaries. ripple is claimed to have sold 728.9 million USD worth of xrp from these sales. Second, ripple made sales on digital asset exchanges as part of a "program" or through trading algorithms. Ripple does not have information about who these sales were made to,…