A decision out of the Southern District of New York that approved some crypto market practices despite claims from the federal agencies is already giving renewed hope for an industry long battered by securities enforcement.

"The opinion is being regarded as a win for the industry because it adds nuance to the regulatory market," said Winston & Strawn partner and digital assets and blockchain technology group co-chair Daniel Stabile in a webinar Friday morning. Stabile hailed the decision from U.S. District Judge Analisa Torres of the Southern District of New York District, which found some of the uses of the XPR token, created by Ripple Labs, would not be considered a security and was therefore precluded from Securities and Exchange Commission oversight.