/biz/ - Business & Finance

>>55288992

People often focus 100% on "expectation of profit" and ignore the other requirements of being a security.

https://twitter.com/attorneyjeremy1/status/1668687659051409408?s=20

Ripple's main defense is attacking the Blue Skies portion of the Howey Test.
Which refers to there being an investment contract between the buyer and seller.
An investment contract that stipulates specific work that the seller is contractually obligated to perform, after the sale is complete.
There is no investment contract between Ripple and any of the people that bought xrp.
Not only is there no investment contract,
There is no contract period.

Binance is using the same legal defense as Ripple against the SEC.
More people are noticing this gaping hole in the SEC's attack strategy.
This lack of an investment contract is why the sales of XRP are not securities.

>>55288992
People often focus 100% on "expectation of profit" and ignore the other requirements of being a security.

https://twitter.com/attorneyjeremy1/status/1668687659051409408?s=20

Ripple's main defense is attacking the Blue Skies portion of the Howey Test.
Which refers to there being an investment contract between the buyer and seller.
An investment contract that stipulates specific work that the seller is contractually obligated to perform, after the sale is complete.
There is no investment contract between Ripple and any of the people that bought xrp.
Not only is there no investment contract,
There is no contract period.

Binance is using the same legal defense as Ripple against the SEC.
More people are noticing this gaping hole in the SEC's attack strategy.
This lack of an investment contract is why the sales of XRP are not securities.