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A @SECGov 🆚 @Ripple 🧵
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 it’s in direct contradiction of over 70 years of case law and precedent.
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 it’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 🍊 Groves;
(2) the investors signed a service contract hiring Howey to handle everything (from planting thru selling).
(1) a purchase and sale contract for the Orange 🍊 Groves;
(2) the investors signed a service contract hiring Howey to handle everything (from planting thru selling).
The Supreme Court found that the entire “scheme” taken together constituted a securities offering.
The Supreme Court NEVER said or implied that the oranges 🍊 were securities.
73 years later in 2019, the SDNY handed down the #Telegram case.
Telegram was a typical ICO case.
The Supreme Court NEVER said or implied that the oranges 🍊 were securities.
73 years later in 2019, the SDNY handed down the #Telegram case.
Telegram was a typical ICO case.
