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A @SECGov ๐Ÿ†š @Ripple ๐Ÿงต

For the first time ever in a non-ICO case, the @SECGov is asserting that the digital asset itself - #XRP - is a security.

That absurd argument not only violates common sense but itโ€™s in direct contradiction of over 70 years of case law and precedent.
In the #Howey case in 1946, there were two contracts in play between the investors and the W.J. Howey Co:

(1) a purchase and sale contract for the Orange ๐ŸŠ Groves;

(2) the investors signed a service contract hiring Howey to handle everything (from planting thru selling).
The Supreme Court found that the entire โ€œschemeโ€ taken together constituted a securities offering.

The Supreme Court NEVER said or implied that the oranges ๐ŸŠ were securities.

73 years later in 2019, the SDNY handed down the #Telegram case.

Telegram was a typical ICO case.
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