The summary judgment in the Ripple vs. the US Securities and Exchange Commission (SEC) case is celebrated as a huge victory for XRP and the entire crypto space. While the court determined that Ripple’s sale of XRP to institutional investors constituted an unlawful security sale, it found that XRP did not qualify as a security when sold to the general public.
Impact Of The Ripple Ruling On Ethereum
Bryan Jacoutot, Partner at Election Law Group, delved into the intricacies of the ruling, expressing skepticism about its reasoning. In a Twitter thread he argues that the court’s distinction between institutional investors and programmatic buyers is flawed. The court held that since the programmatic buyers did not know who was selling them XRP, they could not have expected profits from the efforts of Ripple.
However, Jacoutot contends that under the well-known Howey test, the focus should be on whether buyers expected profits from the efforts of a third party, regardless of knowing the s
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