Securities and Exchange Commission Chair Gary Gensler said he’s “disappointed” with a judge’s ruling that Ripple Labs Inc.’s XRP token wasn’t a security when sold to retail investors on exchanges.

The regulator sued Ripple in 2020, claiming the firm broke its rules when it raised money by selling the digital token without registering it as a security. The crypto industry has been closely following the case, which has potential to settle some of the long-standing questions over when digital assets are and aren’t subject to the SEC’s strict investor protection standards.

A federal judge in New York ruled last week that XRP was a security when it was sold directly to institutional investors pursuant to written contracts but not when offered to the public on exchanges. Crypto enthusiasts claimed the decision as a win for the industry.

Gensler said at an event Monday hosted by the National Press Club that although he’s disappointed with the retail investor piece of the ruling, he was pleased by the decision regarding institutional investors. “We’re still looking at it and assessing that opinion,” he said.

The SEC will also continue bringing enforcement actions and working to get crypto companies registered, according to Gensler.

“We’re going to continue to try to bring firms that may not be in compliance into compliance — without prejudging any one of them — and try to ensure that we protect the investing public,” he said.