> another federal court recently found that exchange-traded Ripple XRP tokens are not securities

You mean this case?[1]

No, that's not what the court decided. The setup with Ripple was that institutional investors bought tokens directly from Ripple, and then resold them on an open market. The court ruled that resale of the tokens on the open market did not violate the Howey test because Ripple was not a party to that transaction. But the initial sale to institutional investors is still being litigated. Whether the resale by the institutional investors is a regulated event hasn't been litigated yet.

So this is a token-laundering scheme that may have worked. Or not; the remaining parts of the case go to trial on April 23, 2024.

[1] https://www.nysd.uscourts.gov/sites/default/files/2023-07/SE...